Eurodon is changing from the chapter

VEB has found new management companies.
19.09.2018
Kommersant
Origin source
In the second largest turkey producer in Russia, GC "Evrodon" is preparing a change of leadership. The majority owner of the company - VEB, who is dissatisfied with the work of business founder Vadim Vaneev, wants to replace him with managers from the "RC project", which is part of the "Dom.RF" perimeter. A company specializing in dealing with distressed assets will have to conduct a full audit of the enterprises and restore production.

The founder and CEO of GC "Evrodon" Vadim Vaneev did not resign his authority on the proposed deadline by September 17. One of the participants in the meeting of VEB representatives, VEB Capital and the government of the Rostov region with Mr. Vaneev told Kommersant about this issue. According to the interlocutor of Kommersant, the minutes of the meeting were not approved: Vadim Vaneev "tore down the board of directors" without signing the corresponding document. Eurodon was told that, not having received a meeting with the VEB management last week, they drafted a version of the document. All representatives of GC "Evrodon" on September 17 were in place and were ready to participate in the board of directors, but neither representatives of VEB, nor information about the reason for their absence was not, the company claims.

The VEB troubled assets management committee decided to appoint Eurodon LLC, Eurodon-Yug LLC and Ursdon LLC as a single executive body, which is part of the Dom.RF perimeter of RK-Project LLC. Indelina TD LLC, Metall-Don LLC and Irdon LLC can be headed by VEB Capital representatives. According to the source of Kommersant, the corresponding decision is planned to be adopted at the meeting of the founders of the companies in mid-October. In "Eurodon" they stated that they received no notices from VEB on this matter.

"RK-project" specializes in dealing with distressed assets, in addition, managers have relevant industry competencies, the interlocutor of "Kommersant" says. According to him, the new team will have to conduct a full audit of enterprises, restore broken technological processes and relations with suppliers. In parallel, VEB will conduct negotiations with profile investors in order to move away from the management of Eurodon in the future, he continues.

A representative of VEB told "Kommersant" that "Eurodon" needs professional anti-crisis management. According to him, VEB as the actual owner of the enterprise and the main investor is interested in the development of production, preservation of the team, increasing the efficiency and cost of the company. In "Dom.RF" refrained from commenting. In the government of the Rostov region, questions were not answered by Kommersant.

Because of outbreaks of avian influenza, from December 2016 to April 2017, 1.5 million birds died on Eurodon sites, the group's losses exceeded 2.6 billion rubles. To address the situation, VEB issued an additional 2.6 billion rubles to the group, and 74% of Eurodon, Eurodon-South, Ursdon, Indolina and Irdon traded under the control of the bank. The share of Mr. Vaneev in Eurodon decreased to 11%, in other companies - to 26%. Valery Gergiev, the artistic director of the Mariinsky Theater, retained another 15% of Evrodon. Get his comments on Tuesday failed.

After the resumption of work, "Eurodon" within a few months reached production volumes up to 140 thousand tons in annual terms. But the management did not have time to sell the products, and the inability to freeze and cool such volumes led to significant damage to meat, the source told Kommersant. In addition, because of the orientation of "Eurodon" to the wholesale segment, the cost of production significantly exceeded the selling price, adds the source of "b". According to him, in December 2017, VEB issued a stabilization loan to Eurodon also for 2.6 billion rubles, but the breakeven point was never achieved. In August 2018, Eurodon was supposed to repay about 240 million rubles, but the money was not paid to VEB, the source of Kommersant said. According to him, the violation of covenants allows VEB Capital to initiate a procedure for the purchase of shares of Vadim Vaneev in the companies of the group at nominal value. The source of Kommersant estimates the total debt of Eurodon to VEB at more than 37 billion rubles.

Partner of the law office "Zamoskvorechye" Dmitry Shevchenko believes that with the loss of control in the capital of companies Vadim Vaneyev with a high probability of losing the chairmanship of the general director. The chances of appealing the results of the vote to the founder of Eurodon are minimal, he warns: "He passed shares in companies voluntarily, being aware of his situation, and the problems at the enterprise in recent years are qualified as personal mistakes by the manager."

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