Luxembourg court closed legal proceedings against Kernel
19 January 2021
A court in Luxembourg has rejected the lawsuit from Mikhail and Inessa Stadnik to declare the bankruptcy of Kernel Holding S.A., a subsidiary of Ukrainian agroholding Kernel. Back in 2012, the claimants sold to Kernel a Ukraine-based Stiomi Holding and Khmelnytskyi Bread Factory. A conflict, still unresolved, arose between the parties when Kernel refused to pay the full worth of the enterprises ($60.9 million) having paid only $24 million. As reported by Kernel, the other party failed to honor some agreements.
The court considered the claim of Mikhail and Inessa Stadnik as unjustified. So far, Kernel has sufficient liquidity to service its debts and, therefore, it cannot be declared bankrupt.