The court approved the settlement agreement IR «Transstroy» with creditors

© Fotolia / Sebastian DudaВ the courtroom. Archival photoThe court approved the settlement agreement IR «Transstroy» with creditors© Fotolia / Sebastian Duda

The Moscow arbitration court has stopped manufacture on business about bankruptcy of JSC «Engineering Corporation «Transstroy», which is a large Russian construction holding Transstroy, in connection with the approval of the settlement agreement between the debtor and creditors, the correspondent of RIA Novosti news from the courtroom.

The decision to apply to the court approving the settlement agreement adopted the first meeting of creditors IR «Transstroy», voted for a majority of creditors. Were against a number of creditors, including the Bank and the Bank «FC Opening». The court on Thursday rejected the statements of these two banks, asking the court to declare the decision of the creditors ‘ meeting is invalid and access to the structure of «Transstroy» bankruptcy proceedings.

The arguments of the debtor

The representative of «Transstroy» said in court Thursday that the settlement agreement expressed 62.6 per cent of lenders out of 24 of the creditors opposed by only three. According to him, the accounts payable balance is estimated at 10 billion rubles, and it gradually decreases, during the follow-up to the company claims have been 200-250 million rubles, while the company has receivables in the $ 20 billion roubles.

The debtor also said that the first payment under the settlement agreement contemplated in the first quarter of 2018, the latest in the first quarter of 2022.

According to the representative of «Transstroy», most lenders understand that the property for repayment of debts the company is small, so better to give her the opportunity to continue the construction activities, due to which she will pay it back. Earlier, the representative of the debtor announced that the company plans to receive in 2017, revenue in the amount of 9.6 billion rubles, and she was able to negotiate with Sberbank and «BM Bank» (VTB group) on the restructuring of debt, and it is not in the register of creditors.

The Bank and two FTS against

Representatives of Sviaz-Bank and Bank «FC Opening» stated that the execution of the settlement agreement, in their estimation, is not possible. «The whole plan (financial rehabilitation – ed.) is based on assumptions,» — said the representative of the Svyaz-Bank. He has previously said in court that the real-payables IR «Transstroy» is estimated at 33 billion rubles, and the existing receivables difficult to collect. According to the representative of «Discovery», the majority of debtors «Transstroy» are in one stage or another of bankruptcy.

The lawyers of the two banks also believe that construction companies will be difficult to expect to restore the reputation and receipt of major public contracts, as it is entered in the register of unfair suppliers. Representative interim Manager Emin Mazaeva in July said in court that in the register of requirements of IR «Transstroy» included requirements 19.8 billion.

The representative of Federal tax service of Russia, whose requirements are not yet included in the register of requirements of creditors at a meeting on Thursday, voted against the settlement agreement. «The approval of the settlement agreement is inappropriate, we are against», — said the lawyer of the tax authority. According to him, the company’s debt on obligatory payments in the budget is about 80 million rubles.

About the company

Transstroy is a diversified holding company in the field of infrastructure construction. Specializiruetsya on railway construction, road construction, tunnel construction, bridge construction, construction of airfields and airports, construction of hydraulic structures, industrial and civil construction.

The main owner of «Transstroy» until December 2014 was the holding «Basic element» Oleg Deripaska. Currently, the beneficiary is the entrepreneur Egor Andreev.

IR «Transstroy» is the major contractor «Rosmorport», Federal Agency for railway transport, Federal air transport Agency, the Ministry of defence on the implementation of important infrastructure projects. In particular, the company acted as one of the executors of the state contract for the construction of a third runway at the airport «Sheremetyevo».

A monitoring procedure was introduced in the IR «Transstroy» in may 2015, at the request of OOO «Fund for investment programs,» the debt of 3 million rubles.