THE LARGEST BANKS ATTACK THE "SHOES OF RUSSIA" WITH THREATS OF BANKRUPTCY

Three of the largest credit institutions in Russia have published information about this on Fedresurs. VTB and Sberbank did this as soon as the government moratorium ended, in early October. Later, a similar message was published by Promsvyazbank (PSB).

Recall that the group of companies "Shoes of Russia" (OR Group) began 2022 with a default on the payment of about 592 million rubles to holders of exchange-traded bonds. In February, Rusbankrot talked about loans for 833 million rubles, which the company "OR" (the official issuer) borrowed from the firm "Arithmetic", having signed about 20 microcredit agreements.

Even then, experts expressed concerns about what consequences this could lead to a parent company with an office in Novosibirsk.

It is known that PSB turned out to be the holder of 99% of the bonds. In conditions when PSB and Obuv Rossii could not settle the financial conflict voluntarily, the bank's appeal to arbitration was only a matter of time.

The press service of the PSB in an interview with Interfax refers to the results of negotiations that the credit institution conducted with the borrower in December last year. It was decided that the firm would buy the securities of the BO-07 issue from the bank by January 20, 2022. However, this did not happen, and the bank began to forcibly recover funds.

In April, Obuv Rossii continued negotiations, offering all three banks a debt settlement option. A little later, restructuring was also proposed for public obligations. But the bondholders did not wait long for settlement projects from the holding.

At the end of June, their representative (the Region Finance company) sent 8 claims for debt collection for 4.7 billion rubles to the capital arbitration. A positive decision was made on one of them in September. The company was obliged to pay almost 333.5 million on the principal debt (the actual value of the bonds) and almost 17.3 million as coupon income (according to the 002P-01 series).

In July, AS GM satisfied the requirement for two issuers of shares (PJSC "OR Group") and bonds (LLC "OR"), with which Promsvyazbank I applied earlier in connection with exchange-traded bonds (BO-07 series). The court ordered to jointly recover more than 580 million from the companies. Consideration of the appeal against this court decision should take place on October 11, 2022.