OREANDA-NEWS. March 01, 2012. Management of JFC Group decided to start the procedure of supervision. This decision was based on the necessity to protect the interests of the creditors of the company and to continue the operations of JFC Group that is the only supplier of high quality bananas to the Russian market. Bananas are the cheapest fruits on the market and in fact are the only fruits accessible to the disadvantaged social groups. Bananas imported by JFC Group can not be substituted by any other fruit.   

For more than 12 years JFC Group is the largest supplier of bananas to the Russian market. Currently the company provides up to 40% of bananas consumed in the country. JFC is also a significant player of the international banana market.

In 2011 the unrest of the international market caused particularly by the events of Arab spring led to the bankruptcy of the numerous companies, including Adriafruit Italia SpA and Israely cooperative Agrexco. JFC Group had been making about 30% of its sales in the southern Mediterranean and faced significant losses due to the disruption of business relations, loss of markets and the emergence of bad debts.

Practically every large operator of the international banana market faced financial problems in its history. For example, in 2001 Chiquita Brands International had to use Chapter 11 procedures to restructure the business. Presenntly the company is one of the leaders of the international market.

Andrey Afanasiev, CEO of JFC Group Co. Ltd: 2011 was a tough year for our company. Due to the operational losses JFC currently shows some symptoms of temporary insolvency. Our address to the court follows the demands of the law and our wish to continue operations as well as to protect the creditors. I want to stress that our creditors understand the nature of our problems, agree that these are temporary and are ready to reach compromise in developing new schemes of debt repayment. JFC has succifient resources to continue the operations and plans to remain the leader of the Russian market”.