“VEB has submitted the claim about bankruptcy of the concern “tractor plants”

– Vnesheconombank (VEB) has submitted the claim about bankruptcy of the concern “tractor factories” (KTZ) Michael Bolotin and albert tanks, sought to recover 68.5 billion rubles, according to materials of Arbitration court of the Chuvash Republic.

In early October, the Supervisory Board of VEB, chaired by Prime Minister Dmitry Medvedev made a decision about the “default strategy” in relation to the GTC, at the same time, the web has published on the “Theresource” (fedresurs.ru) notice of intent to appeal in court with the statement for bankruptcy of the concern and its subsidiaries.

The newspaper “Kommersant” in September citing a source familiar with the situation around the GTC, wrote that the Bank admitted the failure of debt restructuring plan of the group. The reason for the failure of the sources named, in particular, unsettled intercompany debt and the refusal of the owners to convert part of debt into equity of the GTC. In the result, the concern’s companies continue to accumulate losses, and the financial debt already exceeds KTZ 85 billion.

According to the source newspaper, from KTZ restructuring plan adopted in December 2016, made, in fact, the only duties of the Bank. So, at the expense of the Corporation repaid debt to the personnel of the group salary 680 million roubles, accounts payable of the civil division of the GTC before tax and landlords (3.2 billion rubles). In addition, VEB has provided to the civil division the loan of 1.9 billion rubles for the restoration of operating activities. Just as it was reported to stabilize the financial position of the Bank granted to companies of the civil division of the GTC 3,854 billion.

According to the restructuring plan of the VEB, as the largest creditor of KTZ was the property of the military division and transferred it to the management of “Rostechnadzor”. The co-owners of the GTC Bolotin and Tanks received the control over civilian assets of KTZ, but the restructuring was to control the web. A key objective was to preserve the core production assets of both divisions. M. A. Bolotin and Tanks founded LLC “machine-building-industrial group tractor plants”, which moved the enterprise to the civil division (VEB owns no more than 50%). At the end of 2016 Bolotin, said that “happy” scheme of restructuring and noted that its implementation will take about three to five months. Current financial debt KTZ – 85.4 billion rubles, said the newspaper’s source, of which the debt to VEB – 58,5 billion roubles.

GK “rostec” stands for the bankruptcy of the concern “tractor plants”, the procedure of financial improvement will not help, said in September to journalists the General Director of state Corporation Sergey Chemezov.

Rostec informed about the filed lawsuit and supports the actions of Vnesheconombank in respect of the assets of KTZ. Today the procedure of recovery is the only way to overcome the crisis and normalize troubled companies”, – informed “Interfax” on Monday the press service of “Rostec”.

“First of all it is necessary to eliminate the risk of failure of the order SDO should be implemented in full and on time. Second, maintaining social stability, because the GTC is about 20 thousand employees across the country. Thirdly, with the help of anti-crisis measures should be laid the Foundation for the further development of the assets”, – said the press service.

“Together with Vnesheconombank, rostec is now carrying out in-depth expert assessment of the assets. Considering several scenarios for the withdrawal of enterprises from the current state, all of them are positive”, – reported in the Corporation.

Earlier it was reported that “rostec” in the course of debt restructuring GTC received a number of enterprises of the military division of the concern. Among them, in particular, “Kurganmashzavod”, “Lipetsk plant caterpillar tractors”, “Volgograd engineering company “VGTZ”.

“Kurganmashzavod” – Russia’s only enterprise producing infantry fighting vehicles.

In turn, the press service of Vnesheconombank, said that the action plan in the framework of default strategies for working with problem debts of the GTC provides for the provision of the production activities of the group during the transitional period; maintain the operation of key enterprises of the GTC; is directed on settlement of debt for payment of current expenses on wages, taxes, duties, insurance contributions and other payments.

VEB said that earlier to solve the excessive debt burden of the enterprises of concern, and implementation of complex of measures on restoration of solvency was created a working group with participation of representatives of Vnesheconombank, the state Corporation “rostec”, the Ministry of industry and trade, Ministry of labor and regional Executive authorities. The tasks of the group is responsible for identifying and implementing measures to ensure uninterrupted functioning of the enterprises of the GTC in order to fulfil its strategic for the country’s obligations and development of measures on ensuring social stability in regions where the GTC.

“Given the significance of the assets of the group will take all measures to prevent, stop or interruption of production at the enterprises of KTZ. When conducting prescribed by law for judicial procedures, the economic activities of enterprises will continue,” – promised in the web.

The introduction of monitoring procedures include suspension of enforcement of Executive documents, removal of earlier imposed arrests on property and other restrictions with respect to disposition of property of the debtor imposed in enforcement proceedings. Thus, companies become much more secure, as it prevents the possibility of alienation of their property in parts, the production cycle is saved, said the Bank.

“On the legislative level, mechanisms of recovery, which involve not only the preservation of an industrial complex, but also the entire staff. Currently, the working group will analyse the possibility of using these mechanisms for the preservation and further development of the GTC. After the implementation of improvement measures, will be defined the further strategy of assets. GTC group is a holding company of strategic importance at the Federal level”, – said the press service.

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