Article 130. Placement of Additional Shares of Debtor

In order to restore the debtor's solvency, the external management plan may provide for the possibility of placing additional shares of the debtor which is a joint-stock company. The possibility of increasing the charter fund (authorized capital) by placing additional shares may be included in the external management plan only at the request of the general meeting of shareholders of the debtor that adopted the necessary decision and sent to the external manager no later than six months before the end date of the external management procedure.

The decision to increase the charter fund (authorized capital) by issuing additional shares of the debtor which is a joint-stock company shall be adopted by the meeting of creditors. If, when deciding on an increase in the charter fund (authorized capital) by placing additional shares of the debtor, it is necessary to make changes and additions to the charter in terms of increasing the number of declared shares established by the debtor's charter, then a decision to increase the charter fund (authorized capital) shall be possible only after making changes and additions to the charter of the debtor in the manner prescribed by legislation.

Placement of additional shares of the debtor may be carried out exclusively by open subscription with payment only in monetary funds. The debtor's shareholders shall have a pre-emptive right to acquire the debtor's shares being placed in the amount proportional to the number of shares of the joint-stock company they own, and at a price determined in accordance with part four of this article.

Additional shares shall be placed among shareholders at a price not lower than the nominal value of the shares being placed, provided that the sale of all shares being placed at this price will lead to the accumulation of sufficient funds to fully repay the claims of all creditors. The placement price of shares among shareholders shall be determined by the debtor's external manager and approved by the meeting of creditors. The period granted to the debtor's shareholders to exercise their pre-emptive right to acquire additional shares of the debtor shall be determined by the meeting of creditors, but may not be less than thirty days from the date of commencement of the placement of shares.

Additional shares not placed among the debtor's shareholders shall be sold by an external manager at the stock exchange. If a decision is made to declare the debtor bankrupt and start liquidation proceedings, persons who were not previously shareholders of the debtor, and who have acquired shares of the debtor of a new emission, shall have the right to declare their claims against the debtor for the amount of acquired shares in the manner prescribed by legislation.