Sberbank sees possibility to avoid bankruptcy of Antipinsky Oil Refinery
July 26, 2019/ 08:03
"Hypothetically, there is a possibility to avoid bankruptcy proceedings. This is possible, if all debts to creditors are repaid by external investors or loan guarantors. In particular, Dmitry Mazurov [the owner of the refinery — TASS] is the guarantor of Sberbank on bank loans. He is liable to repay the obligations of the plant to the bank. If he does so, the bank will immediately transfer all the rights of the pledgee to all the assets of the plant and the New Stream group to him," the official said.
Sberbank noted that the implementation of the default scenario and its extreme form, bankruptcy, is the most negative development possible for any bank, because it "entails the creation of significant amounts of reserves for possible losses."
"Until recently, our bank provided financial support to the plant and tried to find a mutually acceptable solution for the bank, beneficiaries and other lenders. In particular, nine loans were restructured. Unfortunately, too many factors prevented this — unfair actions of beneficiaries, the fact that new debts of the plant were revealed, the negative impact of the tax environment," the official added.
Problems with Antipinsky Refinery
Mazurov is the founder and owner of the New Stream Group. The Antipinsky Oil Refinery with a capacity of 9 million tonnes of oil per year is the key asset of the Group.
In May 2019, the refinery had to suspend its operations in view of a challenging financial situation and go into receivership by Sberbank, its major lender. On May 18, the refinery filed a bankruptcy petition to the Arbitration Court of the Tyumen Region.
In the court filing, the Antipinsky Oil Refinery set the sum of bankruptcy claims at 346.4 bln rubles ($5.5 bln). Later creditors of the oil refinery — Absolut Bank, Moscow Credit Bank and others joined the case. After Sberbank obtained control over the oil refinery, it was sold to the Socar Energy Resource company, a joint venture of the bank and Azerbaijani Socar.