Rus News Journal

Factories the Gross have reached a default

One of the largest manufacturers of vodka in Russia Factories the Gross has admitted yesterday a technical default, without having paid the coupon income (about 34 million rbl.) On debut release of bonds on 1 mlrd rbl. Since December to the company some claims from creditor banks on 220 million rbl. In case of its bankruptcy by it difficult will be already submitted to return the money: likerovodochnyj the factory in Ulyanovsk was the basic active Factories the Gross but any more does not belong to the company.
according to Cbonds. info, payment of the seventh coupon (the rate of 13,75 % annual) on debut release of bonds of Open Company the Group of companies Factories the Gross for the sum 1 mlrd rbl. should take place yesterday. The head of department on operations with debt tools FK Uralsib (the organizer of placing) Boris Ginzburg has informed that the company has not listed means to the payment agent - National depozitarnomu to the centre. In total company needed to extinguish 34,28 million rbl., mister Ginzburg has specified. The director for corporate communications Alcoholic factories the Gross Vasily Dmitrys has not confirmed, but also has not denied a technical default: the Company digs up all possible resources to pay off with holders of bonds in time (in a week the technical default becomes actual. - ) - mister Dmitrys has assured.

factories the Gross have placed debut release of bonds in April, 2007, the rate of the first coupon - 12,5 % annual, term of the reference till April, 2010. The offer should take place in April, 2009. An analyst of investment bank the Trust Alexey Demkin does not doubt that holders of papers and will arrive: they would pay the coupon or not, now holders of bonds try to show anyway papers of the companies of low credit quality for payment .

However to return the means invested in the bond it will be difficult. According to the investment memorandum prepared for a bonded loan, guarantors Factories the Gross five companies - Joint-Stock Company " are; Region - EM Open Company Grad Open Company the Group of companies the Gross Open Company the Crystal and Open Company Simbirskspirttorg . Thus the key guarantor at that time was Open Company the Crystal - likerovodochnyj factory in Ulyanovsk (according to Rosstata, for 11 months 2008 has made 2,7 million has given likerovodochnoj to production, the fifth place, by data SPARK - Interfax a gain in 2007 - 2,7 mlrd rbl., net profit of 368 million rbl.) .

But, according to mister Dmitriev, since 2008 in a group of companies Factories the Gross there was a re-structuring, in which result on balance of former Open Company the Crystal there was only spare industrial platform in settlement Cherdakly which mister Dmitrys names small - on it it was necessary no more than 5 % from volume of output of the Ulyanovsk factory. The Ulyanovsk factory is called now Alcoholic factories the Gross and to Open Company the Crystal and to group Factories the Gross any more has no relation.

as a result of re-structuring at Factories the Gross shareholders were replaced also. The former general director of the company Victor Samoilov (has left a post yesterday) has told through mister Dmitriev that with the crisis beginning former shareholders GK the Gross - Vyacheslav Loginov, Alexander Bezuglov and Renat Huzin - have sold the shares in Gazenergobanke belonging to them and have divided others biznesy. To mister Huzinu 100 % " have departed; Alcoholic factories the Gross and to Vyacheslav Loginov and Alexander Bezuglovu - the building company the Gross - invest (owns more than 10 thousand in hectare of the earth in the Kaluga region) and a part of alcoholic business . As explained mister Bezuglov, now it with the partner posesses those companies which have not entered in Alcoholic factories the Gross at consolidation (about these plans of the company wrote on February, 14th, 2008): factory the Baikal cedar in Irkutsk, Southern it is wine - the vodka company (Volgograd) and some factories in Ulyanovsk, including acting as guarantors under a bonded loan of Open Company the Crystal and Open Company Simbirskspirttorg .

Mister Bezuglov recognises that at got to it with partners of the companies considerable debt loading . On a site of Arbitration court since December two claims to Open Company " are registered; the Crystal GK the Gross Grad and Simbirskspirttorg from Nomos - bank on more than 60 million rbl. and the Savings Bank claim on 161 million rbl. Alexander Bezuglov is assured that actives of the companies will suffice to pay off on debts, but just in case is engaged in search of the investor on these actives, and also offers creditors and investors to pay off with the ground areas in the Kaluga region or shares in the companies.