Economy 2024-06-15T05:23:26+03:00
Ukrainian news
GNT Group Refutes Accusations Of Alleged "Illegal Actions" Regarding Pledged Grain And Assures Sufficiency Of

GNT Group Refutes Accusations Of Alleged "Illegal Actions" Regarding Pledged Grain And Assures Sufficiency Of Grain To Settle Obligations

grain, GNT Group, grain terminal, Olimpex Coupe International, Odesa sea port, Innovatus Capital Partners

GNT Group, which manages the grain terminal Olimpex Coupe International in the Odesa sea port, denies the accusations of the American investment company Innovatus Capital Partners in alleged illegal actions regarding the pledged grain in the amount of USD 25 million, which was stored at the terminal. This is stated in the corresponding statement of GNT Group.

As reported by GNT Group, immediately after the start of a full-scale war, on February 25, 2022, Olimpex Coupe International informed Innovatus Capital Partners about the impossibility of ensuring grain storage and quality control due to military risks, the lack of necessary capacities for long-term grain storage and the impossibility cargo rotation due to missile attacks. The company emphasizes that they were able to gain access to the terminal only at the beginning of May 2022.

GNT Group emphasizes that during grain storage it was inspected several times by relevant international certification companies. In particular, before the start of the war in February 2022, the Cotecna company confirmed the presence of the grain pledged to Innovatus Capital Partners at the terminal, and on May 13, 2022, the international inspection and certification company Bureau Veritas conducted an inspection of this grain and discovered and documented its spoilage. "Wet grain in a closed space can be explosive if a projectile hits the silo. Therefore, the management of the terminal decided to immediately remove the spoiled grain for disposal. After the start of the grain corridor, fresh batches of grain were returned to the capacity of the terminal Olimpex Coupe International,” the port operator explains.

Since the beginning of October 2022, the management of GNT Group has continued negotiations regarding the repayment of debt in the amount of USD 20 million to Innovatus Capital Partners, which expressed a desire to quickly complete its operations in Ukraine and accept payment of the debt with a significant discount. At the moment, GNT Group is unable to complete debt repayment due to blocking by another creditor, Argentem Creek Partners LP, which requires repayment of debts on Pari Passu (equal) terms. On December 13, 2022, GNT Group confirmed its desire to repay the debt to Innovatus Capital Partners in communications with the managing director of the fund, Ana Firmato, but the consent to do so was not received from Argentem Creek Partners LP.

As the GNT Group assures, the company is ready to make every effort to resolve this difficult situation for everyone and hopes for an open constructive position of creditors. "We assure you that the volume of cargo at the terminal is sufficient to settle our debt obligations," the port operator emphasizes.

As a reminder, Olimpex Coupe International is one of the largest private stevedoring companies operating a grain terminal in the Odesa sea port. Last year, according to the Ports of Ukraine portal, the company with an indicator of 180,000 tons took 11th place in the rating of port terminals of Ukraine in terms of simultaneous grain storage volumes.