Lawyers. Against the background of the threat of default, Rusnano's bonds collapsed. Reputational and financial losses.
The state corporation founded by Anatoly Chubais, which implements the state policy in the development of high technologies (including through investments), is close to default. Rosnano is unable to fulfill its obligations, the company has accumulated numerous debts, which became known in a recent message with creditors, and it is not yet clear how this situation will be resolved. It is obvious that the restructuring of debts is ahead, the Ministry of Finance ruled out a default, since one hundred percent of the shares belong to the state.
Although, after leaving the post of head of the founder, Anatoly Chubais, in early November, the leadership of Rosnano reported financial success (income for the nine months of 2021 was six times higher than the revenue for the same period of the previous year, 2020). Net profit turned out to be almost equal to 3 billion rubles, and management expenses, in turn, decreased by a billion rubles.
However, despite this, the amount of debt turned out to be disproportionate to income and exceeded all optimistic indicators. The state corporation was forced to announce the possibility of its restructuring.
This could not but affect the value of Rusnano's securities. First, the Central Bank sent the Moscow Exchange an order to suspend trading in the corporation's bonds. This was done on November 19 in order to prevent speculation amid the dissemination of information about the financial situation in the state corporation. Trading was resumed on November 22 and the bonds immediately collapsed. All of them lost significantly in price, but the issues maturing in December 2023 and March 2024 suffered the most - minus 20 percent of the price in one day (in fact, in just a few hours), they are now worth a fifth less than face value . The bonds from the issue maturing in December 2021 and March 2028 lost a little less - 13 percent and 10 percent, respectively.
The state has already reacted to the situation and assured that there will be no default, moreover, the Ministry of Finance claims that Rosnano is operating as usual and is ready to fulfill its current obligations. So far, decisions are being made to change the board of directors. The obligations of a public corporation are guaranteed by the state, if it does not fulfill them, it will hit the entire public sector. But he is already suffering losses, both reputational and financial, the ruble exchange rate against world currencies has also fallen.
We will be happy to provide you with legal assistance regarding the minimization of legal risks and available opportunities. We will try to find a solution that is right for you.
Call +7 (383) 310-38-76 or write to info@vitvet.com.
We recommend that you read our blog dedicated to legal and judicial cases (arbitration practice) and read the materials in the "Articles" section.
Our law firm provides various legal services in different cities of Russia (including Novosibirsk, Tomsk, Omsk, Barnaul, Krasnoyarsk, Kemerovo, Novokuznetsk, Irkutsk, Chita, Vladivostok, Moscow, St. Petersburg, Yekaterinburg, Nizhny Novgorod, Kazan, Samara, Chelyabinsk, Rostov-on-Don, Ufa, Volgograd, Perm, Voronezh, Saratov, Krasnodar, Togliatti, Sochi).
We will be glad to see you among our clients! Call or write right now!
Phone +7 (383) 310-38-76
Email info@vitvet.com
Law firm "Vetrov and partners"
more than just legal services
WhatsApp
Telegram