Assets of Spentex Tashkent Toytepa to be realized via auction

The announcement said that assets of the enterprise are realized in line with the decision of creditors of Spentex Tashkent Toytepa and decision of the Tashkent regional economic court on announcement of the enterprise as bankrupt.

The starting price of the object is 142.92 billion soums (over US$68.548 million).

The interested participants should make advanced payment at the size of 1% from starting price.

The applications will be received till 17 June and auction sales will be held on 18 June at Ko’chmas mulk savdo xizmati building.

If the object is not realized on 18 June, the trades will be held on 25 June and 2 July 2013.

On 28 May, Tashkent regional economic court adopted decision on announcement of the Spentex Tashkent Toytepa as bankrupt. Spentex Tashkent Toytepa was subsidiary of India’s Spentex Industries.

Indian company could not implement its liabilities on payments for purchase of the assets and could not reach planned volume of production. The enterprise also formed large credit debt and the agreement with investors was annulled and the bankruptcy process was launched.

Spentex Industries LTD acquired Tashkent Toytepa Textile LLC for US$81 million in July 2006. Tashkent Toytepa Textile LLC includes two cotton-spinning plants in Toytepa (Tashkent region) and in Tashkent city. Indian company should make payments for purchase of the asset by the end of 2010.

The Government of Uzbekistan approved scheme of restructuring other part of payment and Indian side undertook additional liability to invest US$27.8 million to the enterprise.

Indian company from 2010 should produce at least 34,600 tonnes of cotton yarn, 8.3 million meters of ready fabrics and export goods for US$78 million a year.