The Financial Court of the Donetsk region has declared the Lysychansk glassworks (Luhansk region) bankrupt and appointed Commissioner Oleksii Voronko as liquidator, the company announced on 26 April 2…
The Financial Court of the Donetsk region has declared the Lysychansk glassworks (Luhansk region) bankrupt and appointed Commissioner Oleksii Voronko as liquidator, the company announced on 26 April 2004. The glassworks has been in difficulties for several years: bankruptcy proceeding were initiated against the company in November 1998. In May 2001, a restructuring plan was begun; however, the companies in charge of the process, Donetsk-based Don Glass and Korn, failed to maintain uninterrupted running of the plant and could not settle its gas debts. In late March 2003, the gas supply to the plant was cut because of UAH 33 million in debts and, as a result, a tonne of molten glass solidified in a furnace. In late July 2003, the Financial Court of the Luhansk region extended the restructuring plan and in August 2003, the Lysychansk local authority asked the Proletarii plant, located in the town, to help restart production at Lysychansk. The Lysychansk glassworks specialized in the production of thin, tempered, rolled and figured glass, glass blocks and refractory items.