Rus News Journal

RBC it is ready to change

RBC Holding which debt is estimated in $235 million, admitted to creditors that in February it can already appear the bankrupt. Yesterday its adviser bank UBS has suggested them to exchange a holding debt for two tranches of eurobonds with discount of 80 %. As indemnification owners of new papers in 2010 and can convert them 2012 in RBC action therefore in the property of a pool of creditors there will be 30 % of holding. Investors demand 90 - a percentage share in business, estimating holding in $50 million, but shareholders insist on an estimation in $160 million
the Yesterday`s meeting of owners of RBC (the newspaper RBC Daily RBC TV channel, the Internet - the company the Media world and so forth) With creditors passed in the Moscow office of bank UBS which acts as the adviser of holding. On it, according to sources there were representatives of Rajffajzenbanka, MDM - bank, the Absolute - bank, Gazenergoprombanka, Alpha bank, Citybank, Russian international bank, the companies the Renaissance the Capital and Deutsche UFG Capital management. Thus on a meeting have called only institutional investors, participants of a meeting have told. In IR - RBC department have explained it to that large creditors of holding were invited only.

as the basic shareholders of RBC Herman Kaplun and Dmitry Belik have told to investors, the general (public and not public) debts of holding against creditors makes $235 million Public debt - two releases of credit notes. One of them RBC should extinguish ($45 million) in December of last year, but has not made it. The organizer of this release of credit notes was Barclays Bank, and according to participants of the market, a considerable part release bought Bank of Moscow. Other release of credit notes for the $100 million sum (from which in circulation, according to Cbonds, there are $43,5 million) should be extinguished in June, 2009, and to buyers of a large package of these papers acted as MDM - bank. Besides, into the general debts of RBC enter 3 mlrd the rbl., rouble bonds having on two release, from them 1,5 mlrd the rbl. need to be extinguished in March of this year, the rest - in July. The debts Rest - bank credits Barclays Bank and ABN Amro. Under own data, at RBC now $11 million available assets, but to the beginning of the second decade of February this money should end.

representatives of RBC have suggested to re-structure a debt on identical conditions for all categories of investors. Creditors can exchange a debt for two tranches of eurobonds with repayment in 2010 and 2012. Thus on papers of the first tranche investors can receive coupons at a rate of 10 % annual, papers of the second tranche - beskuponnye. However the old debt of RBC suggests to convert in new papers with discount of 80 %. As indemnification for so unprofitable conditions owners of new papers in date of their repayment in 2010 and can convert them 2012 in RBC action therefore in the property of a pool of creditors there will be 30 % of actions of RBC. thus organizers of a meeting have obviously hinted present that if the debt will not manage to be re-structured, in case of bankruptcy of RBC they will not receive in general anything - the participant of a yesterday`s meeting confirms.

conditions absolutely crazy, - were indignant investors when the trunk-call was left by representatives UBS and RBC. - us have simply thrown . The representative of bank who posesses a large package of credit notes of RBC, has noticed that at discussion of variants of re-structuring of a debt of RBC the desire of a pool of creditors as a result of converting has been published to receive not 30 %, and 90 % of actions of RBC. Such variant yesterday have informally supported the majority of participants of a meeting. That is shareholders have estimated RBC approximately in $160 million, and investors - roughly in $50 million Herman Kaplun has refused to make comments yesterday on details of the offered transaction. we hope that we will manage to agree with creditors to the middle of February. Everything that I can tell - has told mister Kaplun.

the Conditions offered by RBC, are unprofitable for investors, therefore the probability of bankruptcy is great: 50 % on 50 % - the analyst " considers; Junikredit Atona Anna Kurbatov. If bankruptcy of RBC takes place, creditors, most likely, or in general will receive nothing, or will receive the insignificant sums, the lawyer of the company " considers; Nikolaev and partners Marina Misjukevich. Yesterday RBC actions have fallen to the Moscow Interbank Stock Exchange on 9,7 %. Capitalisation following the results of the auctions has made $70 million