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Russian company of Siemens Energy files for bankruptcy — register

The decision is due to the impossibility to continue economic activity in the long term, the refusal of specific creditors to resolve the dispute peacefully, the actual suspension of economic activity, and insufficient profitability

MOSCOW, February 13. /TASS/. The Russian company of Siemens Energy - Neftegaz and Energy LLC - intends to file to the Arbitration Court of St. Petersburg and the Leningrad Region for bankruptcy, according to the from data published in the Unified Federal Register of Bankruptcy Information.

The decision is due to the impossibility to continue economic activity in the long term, the refusal of specific creditors to resolve the dispute peacefully, the actual suspension of economic activity, and insufficient profitability. This is also necessary to fulfill the formal requirements of bankruptcy legislation, the report says.

The document also clarifies that in the event of the resumption of supplies of components, payment of debts by debtors, lifting of imposed measures blocking economic activities by the courts, and consent of creditors to a peaceful settlement of disputes with the company, the notification can be canceled, the bankruptcy application can be withdrawn, and the economic activities of the company can be resumed.

In May 2022, Siemens announced that it would leave the Russian market amid events in Ukraine. In October, the Inter RAO group completed a deal to purchase a 65% stake in Modern technologies of gas turbines" (STGT), a joint venture between Siemens and Power Machines) and a 100% stake in Voronezh Transformer.