Rosselkhozbank has come close to joining the rights to 50% of the share capital of the bankrupt Gafuri Bashkir poultry complex (BOD, Indyushkin brand), which owed it 12.7 billion rubles. The share was pledged to the bank under 11 loan agreements by the daughter of entrepreneur Marcel Yusupov Nelly. After a foreclosure of this share, the bank plans to put it up for auction at par for 5 thousand rubles. Experts believe that the intention to implement the package at this price may mean that the bank has a potential buyer who can pay off the debts of the company.
The proceedings between the Agricultural Bank and Nelli Yusupova in the arbitration court of Bashkiria, suspended in December last year during the examination, resumed. On April 8, the court plans to consider the bank’s claims for foreclosure of the property pledged by Ms. Yusupova - 50% of the share capital of the BPC named after Gafuri and its sale at a collateral value equal to par - 5 thousand rubles.
The share of Nelli Yusupova, the daughter of a well-known entrepreneur Marcel Yusupov, who is considered to be the actual co-owner of BPC, was mortgaged to the bank in 2007–2016 under 11 loan agreements. The register of claims of BOD creditors Rosselkhozbank was included with the amount of 12.7 billion rubles.
In December, the court, on its own initiative, decided to order an expert from the Ufa-based Rebus company Alexander Reshetnikov an examination to determine the real value of the share of Nelly Yusupova. The assessment was to be carried out on the basis of the debtor company’s financial statements for 2017. In the case file there is no information about the market value of the collateral, meanwhile, Art. 349 of the Civil Code requires that when the foreclosure and sale of the mortgaged property, measures are taken to obtain the greatest revenue, the arbitration court indicated.
The results of the examination should have been received within a month, but the Agricultural Bank challenged the decision on its appointment in the appeals instance. In February, the appeals instance overturned the decision on the appointment of the examination, referring to the ruling of the plenum of the Supreme Arbitration Court of the Russian Federation of April 2014, according to which the court cannot appoint an examination on its own initiative: this requires the consent of the participants in the process, and the Agricultural Bank objected to this.
“Indyushkin” before bankruptcy in 2017 was the third largest turkey producer in Russia after “Damate” Naum Babayev and “Eurodon” (in bankruptcy proceedings) Vadim Vaneev. The second half of the company's authorized capital belongs to the former owner of Uralkapitalbank (the license was revoked in February last year) Damir Kamilov (declared bankrupt). The initiator of the BPC bankruptcy was the tax inspectorate for the largest taxpayers, whose claims are estimated at 200 million rubles. In addition to the tax inspectorate and Rosselkhozbank, the fund “Ural” ex-president of Bashkiria Murtaza Rakhimov (4 billion rubles) is included in the register of creditors. The lenders refused the options for financial improvement of the BOD or the transfer of the procedure to the stage of external observation. The total amount of their requirements for BOD is 17.5 billion rubles.
The fact that the Agricultural Bank, together with the authorities of Bashkortostan, is looking for a buyer for BOD, was reported by the republic’s leadership throughout the past year. Yesterday, a source close to the Ministry of Agriculture of the Republic, said that the buyer was not found, but there are those who want to rent a BOD.
The conditions on which the Agricultural Bank is ready to cooperate with a potential BPC investor are not disclosed in the bank: the credit institution did not respond to the request from Kommersant.
Nelli Yusupova was unavailable for comment.
The press service of "Damate" refused to answer the question about the interest in buying a share in BPC.
The head of the executive committee of the National Meat Association, Sergey Yushin, believes that the sale of a share in BPC could potentially be of interest to both Damate and Cherkizovo (one of the largest producers of meat and sausage products in Russia, controlled by general director Sergei Mikhailov, chairman of the board of directors Yevgeny Mikhailov and Lydia Mikhailova). “But Cherkizovo is in the process of studying the purchase of Eurodon, so probably the Bashkir asset is no longer so important,” the source said. At the same time, he doubts that BOD may not be interested in sectoral investors, “because a strong and professional team is needed to restore the complex’s operation, and the object is burdened by huge debts”.
The general director of the National Association in the area of turkey farming, Yuri Maslov, is generally skeptical about the chances of selling 50% of BOD. “I don’t understand what the buyer will acquire in this case?” Property certainly in the pledge. To begin with, the bank should have put things in order, and then involve the investor, ”he notes.