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GOODWILL May Be Transformed into a JSC

The court did not confirm suit of PKF and respectively previous verdict on its avoidance remains valid.

Company director and 6 creditors, among them was not secured creditor TBC Bank, required removal of PKF from the rehabilitation management. The management informs that rehabilitation will be provided in accordance to the plan elaborated by them and approved by the creditor bank. Currently replacement of PKF is not known, it may be an individual.

Goodwill takes unconditional obligation to continue business relations with the creditor normally and pay debt according to schedule. Its transformation into JSC has been planned. Creditors consider it as guarantee for the success. Currently legal-organizational form of Goodwill is LTD and 100% share of it belongs to George Shevardnadze.

Lawyer of Goodwill informs that the company has about 40 million GEL debt to 490 creditors and among them 16 million is to TBC. First of all creditors of I, II, III and IV order should be satisfied. I – is Bureau of Enforcement, to which Goodwill has debt of 3 million. The company does not have creditors of II and III (liabilities started from the beginning of rehabilitation) order and then follows secured creditor – TBC Bank. After it is satisfied, turn of others come. The amount will be distributed to them simultaneously, with the rule of ration, proportionally to their debt.