You're reading: Courts issue rulings on bankruptcy of two companies of former Cheese Club

The economic court in Vinnytsia region has opened a case on the bankruptcy of public joint-stock company Vinnytsiamoloko, a large milk processing company, which earlier was part of the Cheese Club holding.

According to an official report in the Uriadovy Kurier newspaper on Tuesday, the ruling was issued on September 12, 2012.

Arbitration manager Roman Shahal was appointed property manager.

In addition, according to a report in the Holos Ukrainy newspaper,
the economic court in Kirovohrad region declared another company of the
former Cheese Club holding – public joint-stock company Svitlovodsk
Butter and Cheese Factory (Kirovohrad region) bankrupt, and started
liquidation procedures.

The court issued the ruling on September 28, 2012 and appointed Arbitration manager Roman Kravchenko liquidator.

Vinnytsiamoloko was founded in August 1997 through the reorganization
of the Vinnytsia-based Moloko production and trade enterprise.

In 2011, the company saw its net revenues drop by 5.5 times compared
to 2010, to Hr 2.62 million. Its net losses that year came to Hr 6.15
million, compared to Hr 4.72 million in 2010.

According to the National Commission for Securities and the Stock
Market, the key shareholders in Vinnytsiamoloko are Monteforte Holding
Limited (British Virgin Islands, 63.88%) and Ukrainian-Belarusian Luxor
LLC (Dnipropetrovsk, 23.79%).

Svitlovodsk Butter and Cheese Factory was founded in 1987. It produces butter, cheese and powdered milk.

The company in 2011 saw Hr 36.18 million in net profit, compared to a Hr 39.85 million net loss in 2010. Its net revenue over the period
soared by 2.6 times, to Hr 82.92 million.

As of Q1, 2012, Cyprus-based Ukrcheese Holding Company Limited held a 98.86% stake in the company.

Vinnytsiamoloko and Svitlovodsk Butter and Cheese Factory jointly
with Kaniv Butter and Cheese Factory, Korsun-Shevchenkivsky Butter and
Cheese Factory and Monastyrysche Milk Plant were part of Cheese Club.

Renaissance Group had been the key owner of Cheese Club from 2007,
buying a controlling stake in the holding from its founders. In August
2009, the group announced that it had sold its stake in Cheese Club to a
group of investors, with the participation of Russia’s Veles Capital.