Business news
Polish investor eager to turn around woodworking enterprise in Vitebsk Oblast
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VITEBSK, 29 August (BelTA) – A Polish investor is working on the possibility of setting up a furniture enterprise in Postavy District, Vitebsk Oblast at premises of the bankrupt company Voropayevsky DOK. The investor’s representative Viktor Tikhanovich released the news during the meeting of creditors of the bankrupt company in the Vitebsk Oblast Economic Court on 29 August, BelTA has learned.
The public joint-stock company (OAO) Voropayevsky DOK was recognized economically insolvent in July 2019. The crisis manager is now working to shut down the company. The assets are being taken stock of, properties are being prepared for sale in order to pay off debts to creditors. Representatives of Szynaka Group, one of Poland’s largest furniture manufacturers, noticed the equipment available for sale. The investor became interested in setting up a furniture enterprise after examining the main manufacturing site of the bankrupt company.
The investor’s representative explained that the decision of Szynaka Group had been swayed by the well-maintained equipment and manufacturing premises as well as the available workforce – former employees, who live in the town of Postavy. If organizational matters are handled promptly, preparations to start the new enterprise will take at most two months and the new enterprise will make the first products by early 2020. Szynaka Group has its own logistics hub of about 60,000m2. The Postavy-made products will be shipped there and then to clients all over the globe. The demand for furniture made of wood is very strong, Viktor Tikhanovich added.
The Voropayevo-based woodworking plant was established in 1944 at premises of a local joinery. The plant specialized in making furniture out of solid wood, particleboards and chipboards. Before it went bankrupt, the enterprise had 48 employees, including 28 people close to retirement age.
The bankrupt company owes over Br3.1 million to creditors and owns roughly Br3 million worth of assets. The enterprise occupies several locations in the town of Voropayevo and the village of Myshki, Postavy District, Vitebsk Oblast. A set of permanent buildings was sold off for nearly Br48,000 to a Belarusian company at an auction on 30 July.
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