Dmitry Gerasimenko ready to sell for free his shares of Pallacanestro Cantù after Red October went bankruptcy

Dmitry Gerasimenko ready to sell for free his shares of Pallacanestro Cantù after Red October went bankruptcy

Red October Cantù in big troubles

Big troubles in Red October Cantù after the steel company of Dmitry Gerasimenko, still in Cyprus, went bankrupt, as reported by Russian media.

Red October owed FTS (Federal Taxes Service) 130 million rubles, this is the reason why the largest steel plant in Russia went bankruptcy.

The representatives of Red October said that the had fulfilled all the obligations towards the Federal Taxes Service and paid all the debts and the proceedings should be stopped. But the court refused the appeal made by Red October’s lawyers.

The bankruptcy proceedings will continue till May 9, 2019.

At the end of 2017 the plant’s total debt amounted to more than 8.5 billion rubles and the debt was increasing.

The company’s debts exceed 130 million rubles now.

Dmitry Gerasimenko, in an open letter shared by Red October Cantù press officer, wrote.

“Dear friends of Pallacanestro Cantù – managers, technical staff, players, supporters and fans – I am obliged to inform you that my company, Red October Volgograd, has been seized, which I would describe as expropriation, by some government official of the Volgograd Region and its tax office, through the formula of bankruptcy with the hiring of a insolvency administrator. We did not have any debts or unpaid bills towards them. For those reasons I can’t keep Pallacanestro Cantù for the moment. I believe that all the problems will be resolved quickly. I am rolling up my sleeves to find a proper solution for Pallacanestro Cantù and its fans. I am appealing to all the people who love Pallacanestro Cantù in order to keep the team alive and I am putting on the market, for free, my shareholders”.

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