“VEB initiated bankruptcy of two more enterprises of the concern “tractor plants”

Saransk/Volgograd. 26 Oct. INTERFAX – Vnesheconombank (VEB) has filed for bankruptcy of two more enterprises of the concern “tractor plants” (GTC).
As follows from the filing of arbitration cases, 24 Oct VEB has submitted to Arbitration court of Mordovia the claim about bankruptcy of OJSC “SAREx” (Mordovia) and the Arbitration court of the Volgograd region the claim about a recognition the bankrupt of open company “the Trading house “Volgograd tractor” (both are included in the GTC).

Statements of claim have not yet been adopted by the courts for consideration.

OJSC “SAREx” produces tractors, excavators, and utility equipment. According to system “SPARK-Interfax”, 40% of shares of OJSC “SAREx” JSC belongs to “MIG KTZ”, is 23.99% – the Dinar Talipova, 21,53% Cypriot Bursava LTD.

OOO “Trading house “Volgograd tractor” carries out wholesale trade of machinery, equipment and tools for agriculture. According to system “SPARK-Interfax” 100% of the shares owned by JSC “KTZ MOMENT”.

As reported, on October 25, the web has submitted to Arbitration court of Chuvash Republic the claim about bankruptcy of OJSC “CHAZ” (enters in KTZ). Amount of claims more than 24 billion rubles. The claim is also not accepted by the court for consideration.

It was also reported that VEB’s Supervisory Board in early October adopted a decision on “default strategy” in relation to the GTC and has submitted the claim about bankruptcy of the concern “tractor plants” Mikhail Bolotin and albert tanks, sought to recover 68.5 billion rubles.

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.

“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”.

“Rostec” 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”, – have informed “Interfax” in the press service of “Rostec”.

“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,” said the Corporation.

The Ministry of industry and trade believe that the bankruptcy of the GTC will allow us to retain the workforce and to optimise the debt burden of the enterprise.

By 27 October a working group under the Ministry of industry and trade expects the representatives of the GTC, VEB and “Rostec” “comprehensive program development in the context of rehabilitation”.

The composition of the GTC consists of 14 engineering companies that produce equipment for agriculture, construction, railway infrastructure and the needs of the defense Ministry. At the enterprises of KTZ operates for more than 19 thousand people.

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