The lawsuit instead of money
SU-155 Group of Companies said Tuesday that he will not redeem the bonds on offer 05, 06 and 07 series. Holders presented for redemption of paper by more than 2.3 billion rubles. The company estimates that "most of the notifications received by the holders of bonds who received them with great discount as a result of failure to execute a number of professional participants of repo transactions of the financial market." It happened because of the unreasonably risky financial partners of the Civil Code, "SU-155" from the bonds of the subsidiary and the non-fulfillment of their obligations under repurchase agreements, the company explains. SU-155 is preparing a lawsuit to protect their interests in these transactions.
Also bad partners, SU-155 refers to the crisis, "the current unfavorable economic situation (devaluation of the Russian ruble, a sharp rise in interest rates, a sharp decline in demand for housing, the suspension of payments to a number of budget imposed a number of Russian officials and sanctions institutes) have provoked a force majeure situation for the Group of Companies "SU-155".
SU-155 is exploring the possibility of restructuring bondsth and will soon come out with a proposal to investors, the company concludes. No details (what risky operations, who bondholders, etc.) press-service of the company is not added.
It seems that the original bondholders laid them in repo transactions, but were unable to redeem it, and the current holders rushed to take advantage of the offer, which is not expected in the company, a senior portfolio manager assumes GHP Group Fedor Bizikov. The bonds 05, 06 and 07 series (1 bln. Each) were released February 26, 2013. The site CBonds have information that one of the original holders was SB Bank (in February had its license revoked). Get comment from representatives of the bank failed. "The fact that the bondholders have decided to present to the issuer to buy back nearly the whole issue, it is not surprising, - says Bizikov. - General economic conditions have become more complex, the refinancing conditions have changed and the banks need money, and the prospects of the construction industry today is not quite rosy. "
Organizer of the issues was the company "Ursa Capital". Its president Khachatur Murads RBC said that according to his information, the Security Council of the Bank was not among those who offered the bonds for redemption. "On the financial status of the SU-155 can be seen on the site of the arbitral tribunal, - advised Muradov. - For my part, I can say that on Wednesday we will meet with representatives of the SU-155 in order to discuss the possible options of restructuring bond issue. "
Based on the basis of the Moscow Arbitration Court, the case of the SU-155 are recently not very. Only in the last 6 months in the company it was filed more than 40 claims for a total of 795 million rubles. From April to the end of December last year, the SU-155 debt rose to 19 billion rubles. (This figure Balakin called in an interview with "Kommersant") to about 25 billion rubles. (This figure on Tuesday announced the company). The group's revenue in 2014 exceeded 106 billion rubles.
Debts of the SU-155 in Numbers
25 billion rubles. It is payable on the basis of a group of companies in 2014
106 billion rubles. Revenue SU-155 received by the end of 2014
44 action with monetary demands on the SU-155 was registered in the Moscow Arbitration Court in September 2014 - February 2015
More than 795 million rubles. It amounted to the total sum of the requirements of the Civil Code, "SU-155" on these claims
20 claims bankruptcy SU-155 was registered in the Moscow Arbitration Court in September 2014 - February 2015
Instead of payment dispute
In SU-155 a protracted dispute with the authorities of the Moscow region, which accounts for about 70% of the developer's builder portfolio. According Glavgosstroynadzora now in the Moscow region is underway at the SU-155 is a 51 apartment building with total area of 883.8 thousand sq. M. m (for comparison: in 2013 the company built 1.65 million square meters.).
In November 2014 the Moscow region authorities have announced claims to the SU-155 for more than 1 billion rubles. (Debt for the lease of land in Dolgoprudny). On debts to 753 million rubles. at that time it was already a court decision on recovery. However, the company's owner Mikhail Balakin said at the time that part of the debt payment obligations should take the GC "PIK" and MUP UKS "Dolgoprudny" - co-investors of the project in Dolgoprudny. The companies denied it.
The regional authorities make a complaint to the schemes for the catorym SU-155 builds and sells homes. According to the deputy chairman of the Moscow Region Government Herman Elyanyushkina of 60 objects, which the company is building in Moscow today, 14 are erected without a building permit. "Only 20% of its housing SU-155, sold under the equity, the rest - with the use of housing co-operatives that are not prohibited by law, but does not allow authorities to control the purposes for which the developer sends the collected funds", - said Elyanyushkin.
In early February, Moscow filed a new claim: SU-155 slowed the pace of construction. In early February Glavgosstroynadzor citing Elyanyushkina circulated information that the SU-155 did not fulfill the task set by the governor. "Moreover, in January, the company has reduced the pace of construction work on all of its sites, and to some workers were simply removed," - are reported words Elyanyushkina.
In February 2015, the company donated only 30 million rubles. repayment of debt on rent in Dolgoprudny, no more money from someonepany or to pay off fines, or for the payment of lease debt have been reported, according to RBC representative Elyanyushkina. "Massive complaints of citizens about the perennial delay in performance of contracts also come to us. Almost no week goes by without pickets citizens who, in fact, real estate investors are not "- he added.
The market development crisis is only beginning to emerge.
In the form of debt restructuring: in late January-controlled Israeli businessman Lev Leviev AFI Development reached an agreement with VTB for a loan extension. Of the $ 205 million that was to pay the company, it will return in the near future is only $ 10 million, and the maturity of the loan will be transferred on 26 January 2018.
In a re-evaluation of portfolios, which results in a paper loss. The same AFI Development reported in February about a possible loss of $ 210 million due to the revaluation of the portfolio. On Friday Mirland Development announced that for the fourth quarter 2014 Cushman & Wakefield valued the value of its portfolio to $ 590 million versus the previous $ 1 billion.
defaults Russianmitentov from March 2014 to February 2015
6.61 billion rubles. It amounted to the total volume of outstanding commitments for the period
3.08 billion rubles. of them fell on the bonds of "UTair-Finance"
But the problems of the SU-155 can not be linked only to difficulties in the market, says CEO of NDV Group Alexander Khrustalev, "Companies need to live within our means." "It is surprising is not that the bondholders presented for redemption most of them, but the fact that against the backdrop of a surge in demand at the end of last year, the SU-155 is not accumulated enough funds accounts to pay them," - says senior analyst at Sberbank CIB Julia Gordeeva.
While the sale of apartments is not "sunk" so seriously, as market participants expected, said crystal. According to him, the demand declined by about 15-20% to the average level in 2014, "Collapse, which all were waiting for did not happen." But analysts do not expect the good: "Everyone understands that sales this year will be much weaker, where costs will rise - Gordeyev said. - To shift these costs to consumersbuilders will not be able that will reduce their margins. "