Buyers lose interest in "White Bird"

Rusagro refused to buy the agricultural holding.
Ex-co-owner of Promsvyazbank Dmitry Ananyev, who is considered the beneficiary of the fourth producer of broiler meat "White Bird" in Russia, has difficulties with selling the business. One of the candidates, Rusagro's Vadim Moshkovich, had already left the negotiations. Now, the most likely fate of the "White Bird" market participants consider bankruptcy.

The Rusagro group Vadim Moshkovich stopped negotiations on the purchase of assets of the White Bird, a source in the industry told Kommersant. I heard about this and the interlocutor of Kommersant, who is familiar with the situation in the White Bird. They do not specify why Rusagro lost interest in the asset. Rusagro declined to comment. The representative of the "White Bird" found it difficult to answer questions from Kommersant.

According to Rosptitsesoyuz, in 2017, the "White Bird" occupied 5% of the Russian market of broiler meat in kind, releasing 300 thousand tons of products in live weight. According to this indicator, the agroholding yielded only to Gap Resource (454,000 tons), the Cherkizovo group (615,000 tons) and Prioskolye (642,000 tons). The beneficiary of the "White Bird" is Promsvyaz Capital B. V. The former co-owner of Promsvyazbank (DPB), Dmitry Ananyev. After the temporary administration was introduced into the PSB, the crediting of the enterprises of the "White Bird" was suspended. The owner of the "White Bird" started negotiations on selling the business. A representative of Promsvyaz Capital B. V. did not answer the questions.

According to the interlocutors of "Kommersant", "Rusagro" could scare off a possible attempt of the Central Bank to gain control over the "White Bird", offsetting the cost of rehabilitating the PSB. Vasiliy Pozdyshev, Deputy Chairman of the Central Bank, announced in February that the Central Bank could extend the mechanism for reimbursing damage to the assets of the former owners of banks. In late May, he also said that non-core assets associated with the former owners of the DPM are planned to be allocated for transfer to the bad debt fund. "Vedomosti" referring to a source familiar with the financial situation of the "White Bird", reported that the total debt of the holding exceeds 30 billion rubles., Most of the amount falls on PSB loans. The PSB does not comment on the debts of the "White Bird" before the bank, they did not answer in the press service of the Central Bank.

"Rusagro" could not arrange and the structure of the "White Bird". According to the president of Agrifood Strategies Albert Davleev, the agro-holding has several separate sites built on different technologies, which complicates the management and production planning. In the poultry market of the Belgorod region, an extremely competitive environment has also developed today: in this region Prioskolye and BEZRK-Belgrankorm are working, he adds.

"Rusagro" was not the only contender for the assets of the "White Bird". Negotiations were also conducted with the structures of the Agrocomplex. NI Tkachev (owned by the family of the former head of the Ministry of Agriculture Alexander Tkachev). In addition, according to Vedomosti, the fund was interested in the AVG Capital Partners fund Rustem Mirgalimov. This is confirmed by the source of Kommersant, close to the White Bird. In AVG Capital Partners declined to comment, in the Agrocomplex named Tkachev on the request did not answer. A representative of the "White Bird" said in early May that negotiations are being held with several potential investors, but none of them has been closed.

The source of Kommersant, close to the White Bird, heard that the company plans to file an application for bankruptcy. According to Dmitry Kletochkin, a partner of Rustam Kurmaev and Partners, this could indirectly indicate that it was not possible to find a buyer for the asset, and bankruptcy is necessary to minimize the risks of attracting the leadership and beneficiaries of the White Bird to subsidiary liability. The top manager of a large agricultural holding also considers the most probable option the sale of assets of the "White Bird" in the course of bankruptcy. But, warns Mr. Kletochkin, finding a buyer at the auction will not be easy, but the discount can be very significant. Previously, Mr. Davleev estimated the cost of the "White Bird" at about 23 billion rubles. without taking into account the debt.