In February, the Arbitration Court of North Ossetia declared the Vladikavkaz Thermal Networks joint stock company insolvent and put in under external management until June 1, 2015. Vladikavkaz Thermal Networks is a monopolistic public utilities management company in North Ossetia’s capital, Vladikavkaz. The company owed overall over $12 million and could not pay back its creditors (Kavkazsky Uzel, February 26).
This central heating utilities company from North Ossetia is among the many companies in the North Caucasus going through bankruptcy procedures as a tide of financial instability sweeps across the region. In the past four months, arbitration courts of the …read more
Source: The Jamestown Foundation