VEB soon can finally part with the troubled concern "Tractor Plants" (KTZ), but the state corporation had to go to multi-billion write-offs. The discount with which VEB sells Rostekhu's debt to KTZ, now more than 100 billion rubles, is over 90%. The claims for KTZ's debts at the time when they amounted to 81.5 billion rubles were estimated only at 5.4 billion rubles. VEB a month after the sale of debt may require repaying this amount, but this is all that he will be able to return.
The debt of KTZ to VEB will be sold at the market value of Rostekh, the head of VEB, Igor Shuvalov, reported on Aug. 9 that the Supervisory Board passed such a decision. "A key decision has been made that KTZ's debt to Vnesheconombank is estimated by the market," RIA Novosti quotes the top manager. "Thus, a discount appears legitimately, and at the appropriate cost, the debt is transferred to Rostekh. Then Rostekh will determine a private investor for the civil division of KTZ, the military unit will be engaged independently. "
KTZ, owned by Mikhail Bolotin and Albert Bakov, by the end of 2016, accumulated 72.6 billion rubles. debt, including 45.6 billion rubles. before VEB. Then VEB agreed on a plan for the restructuring of the KTZ, according to which the military division of the concern was diverted to Rostekh, while the civil division remained with the masters Bolotin and Bakov. In September 2017, KTZ's debt to Vnesheconombank reached 58.5 billion rubles, and the state corporation acknowledged the recovery of the civil division unsuccessful and decided on the "default strategy" of KTZ, the transfer of operational and joint-stock control over its enterprises to Rostekh, and issued another 1.5 billion rubles. on the production activity (by May 2018, spent), and then filed claims for bankruptcy of the plants of the concern.
In April, the board of "Rostecha" approved a new scheme for saving the plant: a private investor was found for the civil division - OOO Transport Components (TC), a partner of Transmashholding Andrey Bokarev and Iskandar Mahmudov. TC LLC was to receive shares of KTZ civil enterprises at a symbolic price and to undertake to solve the problem of shortage of current assets and restructure debts, having bought them from VEB (see "Kommersant" on April 20). The deal is not yet closed, but TK LLC started investing in KTZ enterprises.
The transfer of control to Rostekh is also incomplete. As Kommersant explained to Kommersant, a source familiar with the management of KTZ, between Rostekh and MIG KTZ (owns 92.7% of MIG KTZ LLC, which owns stakes in enterprises), has entered into a trust management agreement. JSC is controlled by the masters Bolotin and Bakov and can terminate the contract unilaterally. KTZ beneficiaries, Kommersant's source explained, are ready to give control only in exchange for the termination of their obligations as guarantors for credit transactions with Vnesheconombank, for which a scheme has been developed for the assignment of rights to claim a debt.
In July, according to Kommersant, KTZ's debt to Vnesheconombank exceeded 112 billion rubles. (the state corporation did not specify the amount). According to Kommersant's information, the discount to the debt for the transfer to Rostekh is almost 93%. The proposed construction, told Kommersant source familiar with the materials for the Supervisory Board of VEB, involves a concession under the contract for the cession of the creditor's rights to OOO Liteinye Proizvodstvo (owned by OOO TK), which for 1 rub. sells 33.33% of the "Foundry" of the subsidiary company "Rosteha" JSC "NPO" High-Precision Complexes ". The volume of assigned obligations is calculated for June (81.5 billion rubles.).
LLC "Foundry" pays the debt with two simple interest-free bills, the total nominal value of which is equal to the value of creditor's rights, and the amounts are divided in proportion of 40% to 60% between the civil and military divisions of KTZ. The first bill was secured by Aval LLC TC, and the second - "High-Precision Complexes". The market value of transferred rights is estimated by VEB's appraiser of 5.4 billion rubles. In July, VEB's working group recommended reassessing the value of the rights of an independent appraiser with a high business reputation, but noted that this should take at least two months. VEB has the right to require the guarantors to redeem bills for 5.4 billion rubles within 30 days after concluding the cession agreement, having completed its participation in the history with KTZ.
In Rostek, Kommersant explained that they have not yet seen the protocol and do not have comprehensive information on the decisions taken, but they are counting on "that VEB's decisions will facilitate a comfortable exit from the crisis situation and will not fundamentally change the essence of the transaction." Rostek and VEB are interested in maintaining social stability and improving the KTZ. "Rostekh is now implementing anti-crisis measures at the expense of its resources in accordance with the instructions of the government," they said, confirming that TC LLC was also actually involved in financing KTZ enterprises. "Rostekh and OOO TC assumed this responsibility, although in fact the concern is in someone else's possession," they say in Rostekh.
In the opinion of Mikhail Burmistrov, head of Infoline Analytics, the scale of financial difficulties of the KTZ enterprises is such that transferring them to Rostekh is the only real chance to pull them out of the crisis. In his opinion, a "powerful synergy" between the enterprises of KTZ and "Uralvagonzavod" is possible in the civilian segment, in particular in car building.