"Volgotanker" is sent to re-sail

Assets of one of the largest Russian shipping companies are consolidated under a new name.
The "Volgotanker" Volga Oil Shipping Company can be given a chance to save the company. Vitaly Shemigon, the company's administrator, initiated the procedure for replacing the company's assets, within which the fleet and other assets of the shipping company can fully transfer to the successor company. Experts believe that in this way the manager is trying to preserve the once-largest shipping company in central Russia.

The bankruptcy administrator of Volgotanker, a Volga-based oil shipping company that is bankrupt, Vitaly Shemigon intends to launch an asset replacement procedure at the company. The relevant issue was included in the agenda of the creditors' meeting, scheduled for January 26. This is stated in the message of the Governor on January 11, published in the Single Federal Register of information on bankruptcy.

OAO Volzhskoye Oil Shipping Company Volgotanker was registered in Samara in 1992. According to the SPARK-Interfax system, 73.85% of the company's shares belong to ZAO Trinfico, another 20% is controlled by the Federal Property Management Agency. The company's revenue in 2016 was 209.5 million rubles, net profit - 97.6 million rubles.

By the beginning of the 2000s, Volgotanker was the largest oil shipping company in the central part of Russia. The company owned 353 vessels with a total carrying capacity of more than 1.2 million tons and occupied about 10% of the total volume of Russian fuel oil exports. Until 2000, the shipping company belonged to the structures of Yukos, but subsequently changed owners several times. In 2007, the Federal Tax Service initiated bankruptcy of the company, which continues to the present. Alexander Volzhanin was in charge of the procedure, in February 2014 he was replaced by Vitaliy Shemigon, a member of the Moscow NPO SRO NAU Dyelo. At the enterprise competitive manufacture is entered.

With the introduction of the procedure, the debt to the fiscal authorities was 3.3 billion rubles. By 2011, according to SPARK-Interfax, accounts payable rose to 6.02 billion rubles. According to information from the minutes of the meeting of creditors in April 2015, the debt fell to 1.3 billion rubles. In the register of creditors are the Federal Tax Service with claims for 1.29 billion rubles., ZAO Nefteflot (3.8 million rubles) and OOO PKP Tanker-Service from Astrakhan (350,000 rubles).

Why the manager decided to start the substitution procedure, it was not possible to find out: in a telephone conversation, Mr.Smigon stated that he had just left his vacation and he "needs a time-out to plunge into business".

As Dmitry Natarius, the lawyer of Dmitriy Natarius, told Volga-burg, the substitution of assets is one of the types of satisfaction of creditors' claims and restoration of the company's solvency, which is used if the manager faces the task of keeping the enterprise as a single property complex.

In this case, on the basis of the bankruptcy property, a new joint stock company is created, whose shares are sold through open subscription. The proceeds from their sale are used to repay the claims of creditors. If this allows to fully pay off bankruptcy debts, the company's solvency is considered restored and the bankruptcy procedure is terminated.

"Usually, the replacement of assets is used if the whole property complex of the enterprise has more value than the amount of its assets. Razdrobit property and start it from the auction can mean depreciation of property, "- said Mr. Natarius.

From the very beginning of bankruptcy, Volgotanker's assets were put up for auction, so the company's fleet has significantly decreased. According to the Russian River Register, the company owns 46 vessels for various purposes. A significant part of the company's fleet passed to its subsidiary from Ufa - CJSC "Shipping company" BashVolgotanker ", whose fleet is 147 vessels.

It was the shares of BashVolgotanker that were considered the main asset of the bankrupt company. The position of the Ufa subsidiary increased in 2017, when the enterprise became the winner of a large contract of PJSC NK Rosneft for transportation of oil products in 2018-2022 for a total of almost 11.6 billion rubles.

As explained by "Volga-Volga" Dmitry Natarius, the asset replacement procedure allows the transfer of intangible assets to the new legal entity: licenses, trademarks, trade name and shares of subsidiaries.

Also, on the balance of the new legal entity, the assets of the shipping company may have passed, which had left earlier under the hammer, if Vitaly Shemigon succeeded in returning them to the bankruptcy estate. At the end of 2017, he appealed to the Moscow Arbitration Court to challenge the results of the bidding in 2009, during which ten vessels of various types and destinations were sold to LLC "Multipurpose Firm Consult Service" from Astrakhan. Then, oil barges of the type "Belskaya", the pushboat "Shlyuzova-47", the motor ship "Volna", the stations for pumping oil and fuel oil and other vessels left the hammer. In court documents there is no information on their value, experts from the field of river transport note that the value of the ship depends on its condition: ships of the same type can be sold at the price of scrap metal, and as a working asset.

However, December 20 the court upheld the manager's demands for imposing interim measures on the disputed assets, prohibiting the FBU "Administration of the Volga Basin of Inland Waterways" to register the transfer, termination or restriction of property rights or change the port of registration of ships.

Dmitry Tsibizov, CEO of the consulting group "DSTS Finance Consulting", believes that the manager's attempt to return assets to the bankruptcy estate is a logical step to increase the company's liquidity before the start of the asset replacement procedure. Returning part of the sold-out fleet to the balance of the enterprise, it increases the attractiveness of the company for future shareholders.

"Having returned liquid assets to the enterprise and restoring its solvency, it can not only satisfy the demands of creditors, but also preserve the company," Mr. Tsibizov believes.

To find out the position of creditors on this issue was not possible: the press service of the Federal Tax Service could not provide an operative comment. Representatives of Nefteflot and Tanker-Service refused to discuss this topic. Nevertheless, Dmitry Natarius believes that the bankruptcy trustee has probably discussed with the creditors the replacement of assets and the likelihood that they will support his proposal is high. The lawyer believes that the value of the shares of the company, which will be created in the process of asset replacement, must overlap the claims of creditors.

"The manager had to study this issue and probably represents what value the assets of the enterprise represent in order to initiate the process," the expert concludes.

None of the interlocutors of "Volga" did not predict which structures can apply for the purchase of an enterprise that will receive the fleet of one of the largest Russian shipping companies. However, given the existence of long oil contracts and a solid property base of Volgotanker, it will certainly arouse the interest of potential investors, experts say.