"Eurodon" last week could not make another payment for the loan of "VEB Capital" (VEB's structure), Vedomosti reported two people who know about it from the shareholders and managers of the company. The amount of payment is several hundred million rubles, Vedomosti interlocutors say.
Representatives of "VEB Capital" and "Eurodon" did not comment on the information on the non-attendance of the loan, but reported that the monitoring group "VEB of Capital" is working at the enterprises of "Eurodon", she is studying the situation.
"Eurodon" in 2003 founded the Rostov businessman Vadim Vaneev, and this was the first industrial production of turkey meat in Russia. Now Eurodon is the number two company for the production of turkey, last year it produced 63 000 tonnes of meat in live weight.
In December 2016 and in the spring of 2017, the agro-holding Vaneeva survived two outbreaks of avian influenza, the total damage exceeded 2.6 billion rubles. After that, the main creditor of Evrodon, VEB Capital, restructured the debt and, prior to the repayment of the main debt, received joint control: VEB and VEB Capital own 74% of the companies in the Evrodon Group.
Vaneev remains the owner of 11% of the main company of the group - LLC Eurodon, another 15% - the artistic director of the Mariinsky Theater Valery Gergiev. Vaneev also has 26% in the producer of the incubation egg Ursdon, poultry Eurodon-south, construction Irdon and other companies of the group.
Having received control, VEB prolonged the maturity of loans and provided additional financing of RUB 2.6 billion. The total debt at that time was 30.7 billion rubles.
The third outbreak of avian influenza occurred this summer, the company estimated the damage from it at 160 million rubles, a representative of Eurodon reported to Vedomosti. Various business models of the company's recovery are discussed, the representative of VEB Capital explains, but he does not talk about one.
Financial recovery is conducted after applying to the arbitration court, this is one of the parts of the bankruptcy procedure - in order to restore the solvency of the enterprise, recalls partner A2 Mikhail Alexandrov. Its result is the repayment of the debt - in accordance with the schedule - to creditors whose claims are included in the register. Large transactions, sale of property during this procedure are possible only with the consent of creditors. After financial recovery, either external management or competitive production may begin, Alexandrov continues. In the file of arbitration cases "Vedomosti" found a lawsuit on the bankruptcy of LLC "Eurodon" from JSC "TD" Trakt "for 1.7 million rubles. Contact with this company failed. To the bank to supervise the procedure and propose the candidacy of the administrative manager, the debt to the company that filed the claim must be repaid and the requirements of VEB are considered, Alexandrov concludes.
According to the information of the familiar shareholders and managers of Eurodon, VEB is still looking for ways to get the company out of the crisis, including considering the possibility of entering into a project of a new profile investor that would help save the enterprise and the team. VEB is ready to sell its stake to a profile investor, both of Vedomosti's interlocutors say. The opportunity to report on plans for cooperation with the lender will appear later, a spokesman for Eurodon said.
The largest producer of turkey in Russia increases production by 1.5 times
The asset may be of interest to a profile investor, says Albert Davleev, president of Agrifood Strategies. It can be either a company that, like Eurodon, specializes in the production of turkey, or an agroholding engaged in animal husbandry or poultry farming and wanting to diversify the business, the expert believes. The largest producer of turkey - the group "Damate" did not receive proposals from VEB, says its representative. The representative of Miratorg (the largest producer of pork and beef) declined to comment. The representative of another large agricultural holding company Rusagro did not respond to the request. The Cherkizovo Group, according to its representative, did not receive any offers from VEB concerning EuroDon.
According to Davleev, the outbreaks of the bird flu experienced by the company may even play a positive role to some extent: the first two outbreaks caused large losses, and the third one is many times less. This means that Eurodon improved the safety system by learning to combat the consequences of bird diseases with less damage.