“Hercules” Is Officially Bankrupt: What Happened to the Well-Known Ukrainian Company
6 August 02:36
The Commercial Court of Donetsk Oblast declared PJSC “Hercules” bankrupt—a company that, prior to the start of the Russian aggression, was among the largest producers of ice cream and frozen prepared foods in Ukraine. After more than six years of legal proceedings, the company is now entering liquidation.
This is reported in the Donetsk Oblast court registry, according to "Komersant Ukrainian"
The court has concluded the long-running bankruptcy case
The court issued a ruling declaring the company bankrupt on July 28, 2026.
As noted in the case files, the bankruptcy proceedings have been ongoing since 2019. During this time, no concrete proposals were ever submitted regarding the company’s financial rehabilitation or the restoration of its solvency.
The court concluded that keeping the company in the asset disposition proceedings would only violate the rights of creditors and unnecessarily prolong the process.
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Debts Exceeded 1.2 Billion Hryvnias
As of September 2025, claims totaling over 1.2 billion hryvnias had been entered into the registry.
The company’s largest creditors were:
- Lavioss LLC;
- Raiffeisen Bank JSC;
- Galamet LLC.
In addition, in May 2026, the Supreme Court upheld the claims of the liquidated bank “Petrokommerz-Ukraine” for nearly 194 million hryvnias.
Why the company could not be saved
After the start of Russian aggression in 2014, the company’s production facilities remained in the temporarily occupied territory of Donetsk Oblast.
Although the Ukrainian legal entity was re-registered in territory controlled by Ukraine, the company effectively lost control over its main assets.
As a result, it is currently impossible to conduct a full inventory of the assets and assess their value.
At the same time, the liquidation proceedings will allow the liquidator to identify all possible assets of the enterprise, including property rights and accounts receivable, in order to satisfy creditors’ claims to the greatest extent possible.
What Was “Hercules” Like?
Before the war, “Hercules” was one of the best-known food manufacturers in Ukraine.
The company produced products under the following brands:
- “Hercules” —ice cream and frozen prepared foods;
- “Dobrynya” —dairy products;
- “Dykanka” —fermented milk products.
Prior to the occupation, the company was part of entrepreneur Igor Andreyev’s business group.
After part of the Donetsk region was seized, the production facilities remained under occupation, and, according to media reports, control over the business in the uncontrolled territory was established through a company created under Russian law.
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