Mechel will bankrupt the unnecessary: the company does not want to be responsible for the assets of Estar

Mechel has decided not to burden their balance sheets with troubled assets of Estar Group, encumbered to it under the loan in the amount of $ 945 million.
Company "Salisa" which, according to "Kommersant", is associated with the holding belonging to Igor Zyuzin, demanded bankruptcy of Volgograd and Engels Pipe Plants. The analysts expect new claims.

Founded loan "Mechel" Volgograd Small Diameter Pipe Works (VZTMD) belonging to the group "Estar" Vadim Varshavsky yesterday asked to plead bankruptcy, according to the filing arbitration cases the Supreme Arbitration Court (SAC). But VZTMD ahead of Moscow OOO "Salis": September 30, it filed a similar application to the plant and other assets "Estara" - Engels Pipe Plant (ETZ, also founded "Mechel"). Arbitration courts Volgograd and Saratov regions, respectively, took the statement, the first session on the suit to VZTMD scheduled for October 22, ETZ - 2 November.

According to SPARC, established in April 2012, "Salis" is engaged in investments in securities, and belongs to the Cyprus Storestco Ltd, and its head of Vadim Kastornov enters ETZ board. These contacts are in SPARK "Salis" - is a general phone "Mechel". Based on the data cardtheca YOU, "Salis" participated and participates in a number of disputes of companies "Mechel" with companies "Estara" speaking the legal successor of the structures of the holding Igor Zyuzin. Source familiar with the situation "b", as well as one of the market participants said that "Salis" really connected with "Mechel", although no formal affiliation. this relationship can not be traced in the public filings of the holding, the representative of "Mechel" refused to comment. Vadim Varshavsky yesterday did not answer the question "Kommersant", before its representatives said that the businessman "does not comment on this issue until the end of the year."

A subsidiary of "Mechel" Skyblock Limited 27 September won a lawsuit for $ 738.6 million to six companies "Estara" - Cyprus Cyberlink Limited, trading "company" Metallurgist-Trust "", OAO "Guryev metal works", JSC VZTMD, OAO "Zlatoust metallurgical plant "(ZMZ) and JSC" Metallurg Resource ", owns part of the property ZMZ. This lawsuit - a consequence of the fact that "Estar" is not paid in July with "Mechel" loan of $ 944.5 million, issued in November 2011 and will provideennomu pledge assets "Estara". The consolidated financial statements for the year 2012, published in April, "Mechel" stated that the debt "Estara" sum at the time declined to $ 731 million, but the likelihood of his return was declared null and holding formed under it a reserve in the amount of $ 896.4 million . at the end of 2012, "Mechel" showed a record for Russian metallurgists a loss of $ 1.7 billion, largely due to the formation of this reserve.

Oleg Peter and Paul from the BCS believes that "Mechel" began bankruptcy ETZ and VZTMD to ease recently started negotiations with creditors to change the covenants (see. Yesterday's "b"), for the consolidation of troubled assets will result in an increase in the debt burden of the holding. The analyst adds that "Mechel", who had gone to the big write-off for the year, it would be nice to return at least part of the money, so the holding company is likely to have other assets and bankrupt "Estara".

According to the head of the judicial practice law office "Egorov, Puginsky, Afanasiev and Partners" Sergei Kovalev, "Mechel & quot; as a majority creditor will be able to appoint a bankruptcy trustee and control of the property sale process works at auction. But quickly get money from the "Mechel" does not work, because the bankruptcy proceedings can take years, lawyer says.