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NODIA, URUMASHVILI & PARTNERS ANNOUNCE GOODWILL CASE RESOLVED

Nodia, Urumashvili & Partners legal company has spread a special statement. CBW publishes the document without changes:

Nodia, Urumashvili & Partners legal company is pleased to announce about successful completion of business dispute over Goodwill, Georgia’s first network of hypermarkets.

The Goodwill founder, creditors and suppliers have regained and strengthened valuable partnership relations. The control interest was bought by famous Italian concern Milano Investments that plans to make considerable investments in the Goodwill development.

We are delighted to have acted in the center of this interesting business process. As a result of a yearlong hard work, in practice, for the first time in the Georgian business history, the large-scale company with certain financial problems has achieved agreement with all creditors and moved to a rehabilitation regime that proceeds successfully within the court-determined legal terms.

We also deeply appreciate high professionalism and healthy approach the Tbilisi City Court board for civil cases has demonstrated to this quite complicated business history.

We would like to express our gratitude to Goodwill founder Gogi Shevardnadze for his confidence in us. We express our gratitude to all members of the Goodwill’s team we have cooperated with during this period. We are pleased to have found decisions acceptable to TBC Bank, an only secured creditor, and all other creditors.

We would like to express special gratitude to Goodwill director general Mr. Besik, who has managed to solve all problems in very complicated situation and led the company to a positive phase.

We believe our joint efforts, mutual confidence and respect to the professionalism of each party have brought this positive result in relation to Goodwill. This fact encourages us in our further activities. Today the task has been fulfilled and our team leaves Goodwill in terms of management and legal services.

Today Goodwill works with new investor Milano Investments, an Italian company with huge experience on the European market. We believe the renewed management will be a success in implementing the determined strategy and Goodwill will remain as Georgia’s leading company in the retailing sector.

We wish success to our friends and colleagues!

Nodia, Urumashvili & Partners legal company