Court Orders ZZF to Collect 72 Million UAH from Pokrovsky GZK, Debtor Requests Deferral

The Economic Court of Dnipropetrovsk Oblast has issued a ruling that satisfies the claim of PrJSC 'Zaporizhzhya Ferroalloy Plant' (ZZF) regarding the collection of 72.35 million UAH from PrJSC 'Pokrovsky Mining and Processing Plant' (PGZK). This decision pertains to the debt for repayable financial assistance that was provided to the plant.

According to the case materials of No. 904/7025/25, which have become available to the Interfax-Ukraine agency, ZZF filed a lawsuit in court, indicating the necessity of collecting 72 million 351,919 thousand UAH of unrepaid financial assistance provided under contract No. U59, signed on February 6, 2024. The court ruling was made on March 27, 2026, registered on March 30, and published on March 31.

In its decision, the court fully satisfied the claims of ZZF against PGZK, while rejecting the debtor's request for a deferral of the ruling's execution. However, on March 31, 2026, a new application from PGZK was submitted to the court, in which the company requested a deferral of the ruling's execution. The defendant proposed to pay the debt in equal installments over 12 months, starting in April 2026, with monthly installments of 6 million 99,979 thousand UAH.

By a ruling dated April 1, 2026, which was published on April 3, the court accepted PGZK's application for consideration and scheduled a hearing for April 16, 2026. This indicates that the situation regarding the execution of the court ruling remains under the court's control, and further steps by the debtor will be considered in due course.

It is worth noting that ZZF is attempting to collect a total of 393.861 million UAH from PGZK for debts under six different contracts for repayable financial assistance. However, by a ruling dated December 10, 2025, the Economic Court of Dnipropetrovsk Oblast returned the lawsuit, stating that only claims related to each other could be combined in one lawsuit. In this case, the claims presented were not related, as they arose from different contracts.

Following this, ZZF filed a new lawsuit to collect the debt under one contract No. U59, concerning the provision of repayable financial assistance, totaling 72 million 351,919 thousand UAH. The court accepted this lawsuit for consideration and opened proceedings in the case on December 23, 2025.

Additionally, ZZF has filed a lawsuit to collect a debt from Marganets GZK (MGZK) under contract for the supply of ferroalloys No. 11-2022/32, signed on January 27, 2022, for a total amount of 42 million 174,790 thousand UAH.

It is important to highlight that ZZF reduced its net loss by 99.5% in the first nine months of 2025 compared to the same period last year, down to 2.347 million UAH from 476.092 million UAH. In 2024, the plant suffered losses twice as high as in the previous year, reaching 1 billion 862.784 million UAH.

PGZK, according to financial reports, reduced its net loss by 60% in January-September 2025 compared to the same period last year, down to 218.489 million UAH from 545.746 million UAH. The uncovered loss at the end of September 2025 amounted to 203.480 million UAH. MGZK, according to YouControl data, ended 2024 with a loss of 642.543 million UAH.

PrJSC 'Zaporizhzhya Ferroalloy Plant' is one of the two main Ukrainian producers of ferroalloys. According to the National Depository Institution for the fourth quarter of 2025, the company's shares are owned by several companies, including Matrimax Limited and Soltex Limited, each holding 22.4486% of the shares, as well as Tapesta Limited — 18.8903%, Walltron Limited — 18.642%, and Halefield Holdings Limited — 7.7508%. The authorized capital of PrJSC 'ZZF' is 227.955 million UAH, with a nominal value of one share being 0.1 UAH.

PGZK and MGZK, which are part of the Privat Group, ceased the extraction and processing of raw manganese ore in early November 2023. In 2024, the plant was unable to resume operations due to decreased demand for ferroalloys and a shortage of electricity. In the first half of 2025, PGZK extracted and enriched 22.87 thousand tons of manganese ore.

Four companies — Profetis Enterprises Limited, Exseed Investments Limited, Clemente Enterprises Limited, and Alexton Holdings Limited (all from Cyprus) — each own 24.3024% of the shares of PrJSC. The authorized capital of PrJSC is 736.134 million UAH, with a nominal value of the share being 0.25 UAH. MGZK is engaged in the development of the eastern part of the Nikopol manganese ore deposit, which includes four mines, including one under construction, as well as the Grushevsky quarry and a concentration plant.

According to the NDI for the fourth quarter of 2025, the largest shareholders of PrJSC are Couttenmax Holdings Limited, Mosfilia Investments Limited, and Humax Enterprises Limited, each owning 23.8933% of the shares, as well as Fianex Holdings Limited, which owns 24% of the shares. The authorized capital of PrJSC 'MGZK' is 366.625 million UAH, with a nominal value of the share being 0.25 UAH.