Palmali, one of the biggest players in Russias river-to-sea cargo market, plans to appeal against a court decision declaring its Russian business bankrupt and effectively handing its fleet over to Sberbank, the shipping firms owner said.
Last month, a court in Rostov-on-Don in southern Russia declared the Palmali unit bankrupt. The unit owes $180 million to Sberbank, with almost all of its roughly 50 ships held as collateral with Russias largest bank.
Palmali also owes 1.6 billion roubles ($24 million) to Russias tax authorities.
Palmalis owner, Mubariz Mansimov, told Reuters the company, which is headquartered in Istanbul and also operates in the Black and Mediterranean Seas, planned to challenge the…
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