100% of YUTVU's shares are pledged on two syndicated loans of 11 banks for 39.1 billion rubles, with the approval of banks, which account for 66.7% of syndicated loans, recovery may be levied on a helicopter company, says one of the bankers. In February, the issue of foreclosure of collateral was already submitted to the creditors committee, but then the bankers voted against. Another 17.4 billion rubles. Utair owes Sberbank, this loan is guaranteed by Surgutneftegaz structures.
In March, Utair asked the syndicate to write off 31.4 billion rubles, or 80% of syndicated loans. In May, the airline made a new offer - not to write off, but to transfer the repayment of 31.4 billion rubles. for 35 years. This also does not suit lenders; legally, such a prolongation is no different from a write-off, two bankers say. Lenders made a counter claim - a guarantee for syndicated loans of Surgutneftegaz or the government of the Khanty-Mansi Autonomous Okrug (the second largest shareholder of Utair with a 38.8% package), but Utair said that there would be no guarantees, the interlocutors continue.
Other non-core assets of Utair that can be sold are a controlling stake in Surgut Airport and a service operator for airlines in Vnukovo, Yu-Ti. The sale of the latter may bring about 1 billion rubles, the airport - 2-3 billion, maybe more, but the airport Utair also does not want to sell, say two bankers.
A Utair representative did not respond to the request. “The company must repay the debt, using all the possibilities for this, the sale of assets is certainly one of the tools. It is desirable that Utair, retaining the business, pay off creditors or reduce the debt to a manageable size, ”said the representative of Trust Bank, the largest participant in the syndicate.
“Helicopter services are more liquid business of the Utair group compared to passenger traffic. The sale of the helicopter company would not solve the carrier’s problems, but only postponed the existing financial and social risks. At the same time, the risks themselves would have significantly increased, ”said Fyodor Borisov, a leading researcher at the Higher School of Economics.
The representative of Sberbank declined to comment, representatives of Russia, MKB, Unicredit Bank, Svyaz Bank, MTS Bank, Surgutneftegazbank, Uralsib, Bank Rus, and Niko Bank did not respond to requests.