Obuv Rossii goes bankrupt
02.11.2022 4799

Obuv Rossii goes bankrupt

Creditors of the former Obuv Rossii Group of Companies, LLC OR, demand that the company be declared bankrupt. The company owes about 5 billion rubles to creditors and counterparties, writes NGS.ru.

The Moscow Arbitration Court accepted a bankruptcy claim against OR LLC from creditors, which includes large banks (VTB, Promsvyazbank, Sberbank), contractors (Megapolis LLC, TEK-Magistral LLC), as well as individuals Alexander and Yulia Zozulya , Evgeny Kuzmichev).

The notice of acceptance by the Moscow Arbitration Court of an application for declaring OR LLC bankrupt signed by the CEO and main owner of the company Anton Titov dated October 26, 2022 is posted on the website of the Corporate Information Disclosure Center of the Interfax news agency.

OR Group, the former Obuv Rossii Group of Companies (OR LLC), began to experience obvious financial difficulties at the beginning of this year, in January 2022, it defaulted for the first time on the non-market bond issue BO-07, the main holder of which is Promsvyazbank. Until the end of March, the company fulfilled its obligations to pay coupon income, but in April it made a series of defaults on all traded bond issues. In mid-February, the company launched the process of restructuring its debt portfolio, offering various solutions. One option was to exchange bonds for shares in the company. The total amount of debts on these securities by the beginning of the summer amounted to 4,75 billion rubles. However, it was not possible to reach an agreement with the creditors, and in the second half of October they announced their intention to seek bankruptcy of the company.

According to Kontur.Fokus, OR LLC has assets worth 22,3 billion rubles on its balance sheet. However, it is difficult to say now what part of this amount can be turned into money to pay creditors. The main assets of the group are the Westfalika retail chain, whose number of stores previously reached 700 outlets, is now steadily declining, and the S-TEP shoe factory in Berdsk, whose activities were stopped in August 2022.

The creditors of the former Obuv Rossii Group of Companies, LLC OR, demand that the company be declared bankrupt. The company owes creditors and counterparties about 5 billion rubles, - writes ...
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