Luxembourg court rejected Kernel Holding bankruptcy motion by Mikhail Stadnik

On January 15, the District Court of Luxembourg denied Mikhail Stadnik's motion to recognize Kernel Holding S.A. bankrupt.

As reported by the company, the judges recognized the claim of Mikhail Stadnik, ex-owner of STIOMI-Holding, as groundless. Under the laws of Luxembourg, a company may be declared bankrupt under two conditions only: it is unable to pay its debts or cannot attract additional financing.

"Kernel Holding does not meet any of these criteria and has sufficient liquidity to service its current debt. As of Dec. 18, 2020, Kernel had USD 266 mln in accounts," the company says in a statement.

It is noted that the company successfully attracts financing from international banks and the capital market. Last October it placed Eurobonds in the amount of USD 300 mln with an annual coupon rate of 6.75%.

"Therefore, Kernel considers the bankruptcy motion filed "unfounded and unconscionable". This has been confirmed by the District Court of Luxembourg," the company concludes.

As a reminder, Mikhail Stadnik applied for recognition of Kernel Holding S.A. bankrupt with the Luxembourg Court in December 2020. The company denied all allegations.

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