Ziyavudin Magomedov brought Fesco to technical bankruptcy

Summa Group owned by a controversial businessman Ziyavudin Magomedov is offered to sell assets to pay off its debts.
Holders of defaulted Eurobond transport group FESCO suggest she sell the package "TransContainer" (24.1%) for $ 190 million to ensure repayment of the debt of these funds. But the "Amount" controls of FESCO, on the contrary, wants to buy from OAO RZD 50% plus two shares "TransContainer". Monopoly is considering the proposal. According to analysts, with the growth of rail container traffic and record dividends "TransContainer" FESCO sell it profitable, even for solving debt problems.

Holders of the main volume of FESCO issues of Eurobonds, which were defaulted officially asked her to sell 24.1% of the shares "TransContainer", told "Kommersant" a source familiar with the document. According to the creditors, the cost of the share could be worth $ 190 million, and the money should be directed to debt service.

FESCO June 4 defaulted on two issues of eurobonds -. With an income of 8% and maturing in 2018 to $ 412 million and with an income of 8.75% and maturing in 2020 to $ 234 million holders of the majority of these bonds have formed ad hoc-group for joint action (AHG), which is July 15 put forward before the FESCOdix debt restructuring. FESCO has promised to respond by July 22 but missed the deadline and the new is not called. Due to the fall in freight rates and volume of containers handled in ports FESCO revenue under IFRS for the first half fell 32.6% to $ 258 million, EBITDA - by 37%, to $ 39.4 million, but net profit rose to 7.25 fold to $ 58 million.

According to "Kommersant", AHG proposes to combine the two into one issue and extend the maturity of the Eurobonds to 2021. Also, says the source "b" familiar with the AHG proposals "of the Unification of coupons can be capitalized and paid at maturity the principal amount of the debt." In addition, the shareholders of FESCO invited to pour into the capital of the company in excess of $ 100 million, which would correspond to payments for the rest of the company's debt-service-to-maturity Eurobonds (they account for 71% of total debt). And to increase liquidity AHG and offers to sell its stake in "TransContainer».

The idea of ​​the creditors is unlikely to enjoy of FESCO, which, for a long time on the contrary, wants to get control of "TransContainer». In June, the owner of the "Amounts" (a group of 32,5% FESCO and de facto controls over now) Ziyavudin Magomedov suggested to the President of the Russian Railways Oleg buy Belozerova owned monopoly through the Joint Transportation and logistics company (OTLK) 50% plus two shares "TransContainer" (see. "b" of 17 June). On Friday, Mr. Belozerov said: "The time limits for the adoption of some decisions we do not have decision has been made yet, but we are considering, as one would do it.".

The FESCO say they are preparing their own proposals to the lenders and are in dialogue with their advisors. The group called itself acceptable to the amount of debt that allows continuous operation and that it is able to refinance before 2020 - $ 450 million, excluding repo agreements with VTB, which is less than the principal debt on Eurobonds. AHG, says the source "b", refuses to write off the debt. And of FESCO, told journalists on Friday another source close to the creditors, "wants to save money, spending haircut (cancellation dolga.-" b "), even if it is not needed, describing the situation worse than the situation it is in reality." The offer of the company "veryprogressively, they want to convert the debt into shares, while retaining control of the company, "he was quoted as" RIA Novosti ".

Denis Vorchik of "Uralsib" agree that the sale of "TransContainer" would solve all debt problems FESCO. However, he says, railway container transportation market growth rate increase in August, the volume increased by 16%. Container shipping OTLK route China - Europe -. China in 2015 amounted to 47.4 thousand TEU, for seven months in 2016 sent more than 44 thousand TEU of.. On Friday OTLK announced plans to reach about 90 thousand. TEU of the year. For FESCO important to gain time and to wait until the market starts to grow and sea transshipment, said Mr. Vorchik. He also notes that "TransContainer" pay record dividends (3.5 billion rubles. From retained earnings of previous years and 1.3 billion rubles. For the first half), which supports of FESCO.