VEB.RF intends to sell at auction Kazan Synthetic Rubber Plant

At a strategic enterprise opened bankruptcy proceedings.
26.07.2019
Kommersant
Origin source
Yesterday the Court of Arbitration of Tatarstan declared insolvent OJSC KZSK. “To recognize the debtor as bankrupt and open bankruptcy proceedings,” says the arbitration card index. Olga Rushitskaya, a member of the self-regulating organization Razvitie, which was previously the external manager of the plant, was appointed the bankruptcy trustee. The company's debts to creditors exceeded 5 billion rubles.

Recall Kazan plant operates since 1936. The site KZK says that it produces 160 types of products for 5 thousand. Consumers in Russia and abroad. The plant was mainly funded by Spurt Bank, which had its license revoked in July 2017. Co-owner of "Spurt" Evgenia Dautova (was found guilty of illegally withdrawing money from the bank) owns more than 30% of the shares of the plant. In 2016, KZSK manufactured products for 2.4 billion rubles, including SKB, latex, and silicone rubber. In 2017, production volumes decreased threefold - to 728 million rubles, the company's revenue fell from 2.09 billion rubles. up to 662 million rubles. The plant received a loss from sales in the amount of 1.34 billion rubles, and the net loss reached 1.72 billion rubles. Data for 2018 is not published.

Since 2014, KZSK has implemented a large project for the construction of a plant for silicon monomers and their products - KZSK-Silicon. Initially, its value was determined at 9.8 billion rubles, of which 7.8 billion rubles. VEB's loan funds were supposed to make up, the rest was the investments of the owners of the KZSK and about 850 million rubles. from federal targeted programs. However, in February 2016, VEB ceased financing the project due to the doubling of construction costs. The bank managed to invest 3.7 billion rubles. under the guarantee of the KZSK itself. After the collapse of "Spurt" bankruptcy of JSC KZSK-Silicon was initiated. In January 2018, bankruptcy proceedings were introduced with respect to the property of the subsidiary of the KZPC.

The KZPC itself has been under temporary supervision since March 2018. In August, external control was introduced at the plant until February 2020. However, the former arbitration manager, Pavel Medvedev, was unable to approve an external management plan for the CPCC. At the meeting in April 2019, this issue was removed from the agenda of the representatives of VEB, which accounts for more than 70% of the total debt of the CPGC, or 3.7 billion rubles. The state corporation took actual control over the bankruptcy process. A committee of creditors was formed, consisting only of representatives of the bank. And on July 10, the committee decided to apply for the opening of bankruptcy proceedings against the debtor. Other creditors of KZSK include Spurt Bank (530.7 million rubles), tax (292.4 million rubles), Akibank (233.8 million rubles), Yoshkar-Ola Bank (114 million rubles). , Tatagroprombank (51.9 million rubles).

Against bankruptcy were previously the authorities of Tatarstan. Vice Prime Minister of Industry and Commerce of the Republic Albert Karimov expressed the hope that "the key issue will be resolved soon" about the new investor of the KZSC and its subsidiary KZSC-Silicon. He noted that the plant did not stop production and he "managed to fulfill" the state defense order of 2018. In April 2018, the authorities of Tatarstan managed to include the KZSK in the list of strategic enterprises in Russia. Denis Manturov, Minister of Industry and Trade of the Russian Federation, stated that the Russian authorities also intend to find ways of preserving the CPCC.

Yesterday, at a meeting of the Arbitration Court of Tatarstan, it became known that the federal ministry had submitted an opinion on the need to continue the plant’s activities, even if bankruptcy proceedings would be introduced against the CPGC. Thus, the Ministry of Industry and Trade of Russia did not hinder the bankruptcy of a strategic enterprise.

“Given the level of importance of the KZSK for the economy of Tatarstan and for the country's military-industrial complex, the bankruptcy procedure should not affect the operation of the enterprise,” says Anna Shlapakova, Director of the Eurasian Expert Evaluation Department. She notes that the bankruptcy of the KZSK is “not a precedent”: in 2017, 12 such enterprises were declared bankrupt at once. Ms. Shlapakova points out that the plant will be put up for auction “with the goal of selling the most lucrative debt to the main creditor, Vnesheconombank.”

Experts find it difficult to say who can act as a buyer for KZSK. “Considering its functions for the fulfillment of the state defense order, there is a high probability that this will be a near-state structure,” Anna Shlapakova suggests.She notes that the bankruptcy of the KZSK is “not a precedent”: in 2017, 12 such enterprises were declared bankrupt at once. Ms. Shlapakova points out that the plant will be put up for auction “with the goal of selling the most lucrative debt to the main creditor, Vnesheconombank.”

Experts find it difficult to say who can act as a buyer for KZSK. “Considering its functions for the fulfillment of the state defense order, there is a high probability that this will be a near-state structure,” Anna Shlapakova suggests. She recalls that in 2017, Rostec was offered to become the main shareholder “through the acquisition of shares in a new additional issue worth 6.9 billion rubles,” but the state corporation did not agree. "The valuation of KZSK's assets in 2017 amounted to 8.6 billion rubles. It can be assumed that over the past period it has decreased slightly - the company can be put up for auction within 8 billion rubles," the expert concludes.

Business

Previous Article
Next article