VEB.RF has found a potential buyer of Utair debts

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The state corporation VEB.RF has found an applicant for the purchase of Utair’s debts for 1.5 billion rubles. Izvestia was told about this by two sources familiar with the restructuring of the airline’s loans.

They did not disclose the name of the potential buyer. According to one of them, such information will be published on March 1. VEB realizes the rights of claim against the air carrier through competitive tenders. Five days before the deadline for accepting applications, VEB filed a lawsuit against the airline for 208 million rubles with the Moscow Arbitration Court, it follows from the file of cases. After this claim, a participant for the VEB auction appeared.

The results of the auction will be announced on time – until April 1, a representative of VEB told Izvestia. He added that up to this point, the state corporation cannot disclose or comment on information about submitted applications and participants that are not public.

In 2015, Utair, which was on the verge of bankruptcy, received a seven-year loan from Sberbank for 17.4 billion rubles, a 12-year loan from Surgutneftegaz for 3.6 billion rubles and two syndicated loans from 11 banks – a seven-year loan for 19 billion rubles and a 12-year-old for 23.7 billion rubles. Last year, one of the syndicate members – Bank Rossiya – bought out the rights of claim against Utair from nine creditors for 27.3 billion rubles (without interest) for 25% of the face value (for about 6.8 billion rubles), Izvestia calculated …

In the fourth quarter of last year, the airline’s credit load decreased by almost 34% – from 60 billion rubles to 39.7 billion rubles excluding interest, follows from the carrier’s quarterly report. Of these, Utair’s obligations for 17.4 billion rubles to Sberbank were transferred to its helicopter subsidiary – UTair-Helicopter Services JSC. This loan is secured by a guarantee from Surgutneftegaz, whose structures reportedly control Utair. Also, the amount of principal debt on two syndicated loans decreased by 2.9 billion rubles: for a seven-year loan to 13.3 billion rubles and for a 12-year-old to 22.8 billion rubles. Now Bank Rossiya has consolidated 96% of syndicated loans, which include the controlling share of Utair and 155 helicopters, the remaining 4% – from VEB.RF.

Read more in the exclusive material of Izvestia:

Lawsuit: VEB.RF found an applicant to buy Utair debts