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Court declares Oracle subsidiary in Russia bankrupt

Sberbank and Alfa-Bank are also among the company’s creditors, with claims totaling 77.2 mln ($800,000) and 99.4 mln rubles ($1 mln), respectively

MOSCOW, August 7. /TASS/. The Moscow Arbitration Court has deemed Oracle Computer Hardware, the Russian subsidiary of Oracle Corporation, as bankrupt, having initiated bankruptcy proceedings against the company, according to files from database of arbitration cases. To date, claims by the company’s ten creditors have already surpassed 1.254 bln rubles ($12.9 mln), according to TASS calculations.

Among the main creditors are FORS-Distribution, Oracle’s former official distributor in Russia, with claims totaling 440 mln rubles ($4.5 mln), and Marvel Distribution with claims worth 425.2 mln rubles ($4.4 mln). Force Development Center (part of the FORS Group together with Marvel Distribution) has claims worth 160.5 mln rubles ($1.6 mln).

Sberbank and Alfa-Bank are also among the company’s creditors, with claims totaling 77.2 mln ($800,000) and 99.4 mln rubles ($1 mln), respectively.

The initial stage of the bankruptcy procedure, the observation phase, was initiated against Oracle’s Russian legal entity in early February. The bankruptcy case was initiated by Russian IT firm Croc, which filed suit against Oracle’s Russian subsidiary for 49.7 mln rubles in June 2022 and later successfully recovered most of the claimed funds.

Founded in 1977, Oracle is a leader in software development. It is also a major supplier of server hardware. The corporation suspended all operations in Russia in early March 2022.

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