«Avangard» behind glass. The Moscow structure of the bank bought out the Omsk glass plant

The property complex of the Omsk Glass Factory (OSZ) was sold for 1.9 billion rubles. a company with the same name, registered in Moscow and associated with the Avangard Bank. The financial institution that has achieved the bankruptcy of the Omsk enterprise is its main creditor with a debt of about 3 billion rubles. According to the bank's estimates, the plant was unable to repay loans due to a drop in demand for glass products. Analysts say that the official transfer of the enterprise under its influence by the former creditor to continue its work is a common practice if the asset has a development perspective.

The bankrupt Omsk glass plant was sold for 1.9 billion rubles. As the bankruptcy trustee of the enterprise Stanislav Kekin specified to Kommersant, the property of the enterprise, including those pledged by the Avangard Bank, was put up for sale as a single complex. The lot included a land plot with an area of 63.2 thousand square meters. m in the Kirov administrative district of Omsk, workshops, warehouses, engineering infrastructure facilities, equipment, transport, etc. One bid was submitted for the auction - from the Moscow Omsk Glass Plant LLC, registered in June 2020. The beneficiary of the Moscow company, according to SPARK-Interfax, is Kirill Minovalov, President of Avangard Bank.

Omsk Glass Factory was commissioned in 2010. The capacity of the first stage was 390 tons of molten glass per day (colorless glass). Investment in the project - 3.5 billion rubles. The funds were provided by Avangard Bank. The capacity of the second stage was called at the level of 420 tons of colored glass mass per day. Investments in its launch - 1.5 billion rubles. Omsk media reported that the plant began production of colored glass containers in 2016. Now the volume of production at the enterprise is 390 million units. products per year. According to SPARK-Interfax, the plant's revenue in 2019 amounted to 1.7 billion rubles, the loss - 1.9 billion rubles. against 3 million rubles. net profit a year earlier. 100% of the company, according to Rosstat for 2016 (latest data), belongs to Elroy Consulting Group (Belize).

In June 2020, OSZ was declared bankrupt at the suit of Avangard Bank. The interim manager came to the conclusion that there were no signs of a fictitious and deliberate bankruptcy of the plant, as well as grounds for challenging the debtor's transactions. The register of claims of the plant's creditors includes bank claims in the amount of more than 2.9 billion rubles. The main creditor is Bank Avangard.

The products of the Omsk glass plant, as well as the Sergiev-Posad, Velikodvorsky and Kingisepp glass factories are sold by the trading company "Rus-glass", according to its website. It was not possible to get a comment in the Rus-Stekla shopping center. Several participants in the glass container production market told Kommersant that Avangard Bank is associated with Rus-Steklo shopping mall. Viktor Osipov, President of the StekloSouz Association, confirms that OSZ is part of a group of companies associated with Avangard.

“The group is actively crediting in the bank, so we control financial flows,” the bank told Kommersant. The representative of the bank specified that the Omsk glass plant was fully built with credit funds from the Avangard joint-stock bank. “Unfortunately, the market situation and the drop in demand for glass products made it impossible to repay the loan. In connection with the numerous prolongation of the loan, at the request of the Central Bank, significant reserves were created. Considering the significant wear and tear of the equipment and the need for overhaul of the furnace in the coming years, the bank decided to file for bankruptcy of the OSZ, ”said a representative of Avangard. He noted that, being the only creditor of the plant, the bank was interested in the highest possible sale price of this property.

“However, as a result of trading for this asset, there was not a single independent buyer. Perhaps, due to not the best market conditions, ”said the source of Kommersant. In order to prevent the transfer of a non-core asset to the bank's balance sheet, it was decided to put up an affiliated company that would provide the minimum market value of the purchase, he said. “This asset is still not a core asset, and significant investments in development are not expected. The shareholder is ready to provide the financing necessary for the operation of the production (overhaul, reconstruction of the furnace). The goal is to maintain continuous production in order to provide the plant with products for consumers and preserve jobs, ”said a bank representative.

“The sale of an affiliated company with Avangard as a single lot for the initial amount looks like a fairly manageable deal in the interests of both the plant and the bank. Preserving the work of the enterprise and officially transferring it under the influence of the former creditor and initiator of bankruptcy is generally a widespread practice if the asset has a development prospect, ”says Alexei Antonov, chief analyst of Alor Group. At the same time, he notes that the market for the production of glass containers is quite saturated with supply, and the sales market is quite narrow - these are some segments of the food industry, retail trade in household glass containers and the alcohol segment.

The most notable competitor for OSZ is Sibsteklo. “Omsk plant will need to develop its work in conditions of rather tough competition against the background of a loyal pricing policy, which will be dictated to it by other market participants,” the expert says. Acting General Director of Siberian Glass LLC (part of RATM Holding) Anton Mor, speaking about the situation in the glass industry market, noted that restrictions aimed at combating the spread of coronavirus infection had a lesser impact on food industry enterprises. than companies from other industries. “However, the beer market has shrunk by 2% since the beginning of the year. In a situation of uncertainty, including the anticipation of a second wave of a pandemic, which affects the behavior of retail buyers, it may be risky to increase capacity without receiving confirmation from customers to load technological lines with orders, ”he said.

Viktor Osipov says that now there is a balance of supply and demand in the glass container production market. At the same time, he notes that the profitability of manufacturers is influenced by changes in exchange rates, which leads to a significant increase in the cost of repairs at glass factories operating on imported equipment, as well as an increase in the price of raw materials.

Source: https://www.kommersant.ru/