Two banks entered the bankruptcy case of Obuv Rossii group of companies
The OR GROUP group of companies (formerly known as Obuv Rossii) experienced financial difficulties throughout 2022, which, according to the company’s management, began during the pandemic due to changes in the market. The holding includes several organizations, currently bankruptcy proceedings have been initiated in relation to the following:
the parent company PJSC "OR Group" - the applicant is LLC "Leinster", the case is being considered by the Moscow arbitration, the creditor is registered in Vladimir;
the issuer of bonds LLC "OR" is required to declare insolvent the carrier LLC "TEK-Magistral" and two individual entrepreneurs - Yulia Zozulya and Alexander Zozulya;
OOO "Fabrika S-TEP" bankrupts private security company "Brest-plus";
the same company asks the court to declare Design Studio LLC insolvent.
The first application was submitted on 17 October. The last two applications will be considered by the CA of the Novosibirsk Region, where the Group of Companies has two production sites. Thus, the bankruptcy of 4 holding companies was initiated at once, the founder and owner of which is Anton Titov.
The group of companies is engaged in the production and sale of products (mainly shoes, but also related products) under the following brands:
Westfalika;
all.go;
A pedestrian;
Emilia Estra;
Snow Guard;
Rossita;
Medelista;
Lisette;
Pioneer of Arctic Travel.
Now two main creditors, Sberbank and VTB, have entered bankruptcy cases. Another major creditor, Promsvyazbank, has not submitted applications yet. Earlier it was reported about the intention of Promsvyazbank and VTB to bankrupt the OR GROUP Group of Companies. The latter was going to declare insolvent the owner and general director of the company, Anton Titov, who resigned at the end of last year and returned to the leadership of the holding in June.
Over the past few years, OR GROUP has attracted credit funds from the three mentioned banks for several billion rubles. In May 2022, according to the file of arbitration cases, all companies of the holding filed claims against banks to terminate suretyship agreements, and hearings on these cases will begin soon.
Also, the company's securities were quoted on the Moscow Exchange, eight issues of bonds were placed. In early February, OR GROUP declared default, that is, it admitted that it was unable to pay them. Lenders were offered three restructuring options, including deferment, prolongation and transfer of a stake in the parent company.
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