The exit of the developer Glorax Group from non-core business is accompanied by problems. Not having time to sell the shares of Mosavtodor and Partners, a road construction contractor, the group decided to bankrupt this company. The seller insists that the buyer, whose name is not called, did not pay fully for the asset.
The base of the arbitration court registered filed by the Glorax Group bankruptcy of Mosavtodor & Partners JSC (MIP). Back in 2017, Glorax announced its desire to sell this company. On Friday, the press service of Glorax told Kommersant that the group no longer owns the MIP. There the application was explained by the fact that the new owner did not pay for his obligations. More information about the new owners in the group is not provided.
Mosavtodor and Partners JSC was established in 1991, transferred to the ownership of the Glorax Group in 2012. MIP specializes in the construction of transport infrastructure. Among the company's projects are the bridge over the Moscow Canal, the Mozhayskoye highway section and the open tunnel with two overpasses near Sergiyev Posad. According to Kartoteka.ru, the company's financial indicators almost every year showed a negative trend.
In an interview with RIA Novosti in November 2018, the founder of the Glorax Group, Andrei Birzhin, explained that the assets of MIP "were sold in parts to individual companies, somewhere just contracts were sold": collectively, the group saved about 3.5 billion rubles He stressed that the legal entity MIP at the same time remained in the ownership of the group, and “if someone wants to deal with government orders, he can buy a company with experience in implementing contracts up to 10 billion rubles and participate in tenders with it”. A source “Kommersant”, familiar with the situation in the company, says that until now MIP shares have not been sold. In addition, of the MIP assets, the group at that time had a building of 1.5 thousand square meters. m on Kotelnicheskaya embankment. The press service of Glorax reported that the building no longer belongs to the holding.
The sale of MIP is caused by the desire of the Glorax Group to focus on other projects, the group representative said. So, in early 2019, the company acquired a building on Moskovsky Prospekt in St. Petersburg, where creative spaces and food halls will be realized. Investment in the project will be about 400 million rubles. The holding also began to develop its own dental network, CrocoDent: by the end of 2019, up to five clinics could be opened.
Galina Hamburg, head of the practice of property and liability relations of Amulex legal service, also did not find any evidence that the MIP was transferred to the new owner. She does not exclude that, under certain circumstances, Glorax may be held to subsidiary liability for debts to other counterparties in the framework of the bankruptcy initiated by it - regardless of whether he sold the company or not. Perhaps, a lawyer suggests, now the main goal of Glorax is to avoid subsidiary liability for MIP debts.
According to the director general of the consulting company “Walter Construction” Yevgeny Walter, it is difficult now to manage an asset in the field of road construction, but not unpromising. After the completion of the road construction and reconstruction program for the 2018 World Cup, budget funding, which is the main source of funds in the industry, is declining, but the state order does not disappear completely, Mr. Walter is sure. Although he admits that business margins will remain relatively low - at the level of 4-6%. "This requires market participants to work continuously, since any downtime will be fraught with the occurrence of irregularities in servicing the debt burden and an increase in the probability of bankruptcy," explains the expert. Therefore, the value of MIP is rather determined not by its own technical and production base, but by concluded or potential contracts. If there are no such contracts, it will be much cheaper to acquire the assets of MIP as part of bankruptcy proceedings, the expert concludes.