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Argentem Creek Partners Announces Bankruptcy Proceedings Against GNT Group

Argentem Creek Partners

[New York City, February 4 2023] – Argentem Creek Partners (“ACP”) and Innovatus Capital Partners (“Innovatus”) have announced that bankruptcy proceedings have been commenced at Olimpex Coupe International in Lviv, Ukraine as part of steps taken by Madison Pacific Trust Limited, in its capacity as security trustee for lending by ACP and Innovatus, and newly appointed directors at Olimpex Coupe International.

A subsidiary of GNT Group, Olimpex Coupe International, operates a grain terminal in Odesa, Ukraine.

The decision to file for bankruptcy follows GNT’s failure to repay its lenders, material shortcomings of governance and transparency, the dissipation of assets since enforcement proceedings began, and investigations into the still unexplained disposals of nearly 400 thousand tons of grain and sunflower seeds, worth approximately USD 130 million.

Ana Firmato, Managing Director at Innovatus said:

“The strategic importance of grain leaving Odesa’s port for global food security is clear to all supporters of Ukraine. Innovatus remain steadfast in our continued commitment to invest in Ukraine and support its economy. Bankruptcy proceedings for this particular entity are a necessary legal step to restructure the group towards profitability, transparency, tax compliance and proper corporate governance.” 

John Patton, Portfolio Manager, EMEA & Asia at ACP said:

A bankruptcy manager will be appointed and tasked with ensuring there are no disruptions to the terminal’s operations during the proceedings. This comprehensive reorganization is the best way to protect employees’ jobs and the operational running of the terminal, ensuring that it plays an important role in the Black Sea Grain Initiative. The success of the grain corridor is crucial for the people of Ukraine and international food security more broadly.”

ACP and Innovatus have a long-standing history of investing in Ukraine. Both companies remain committed in ensuring that this grain terminal is managed correctly according to Ukrainian and international standards.