MOSCOW, November 20. The Ministry is drafting amendments to the law “On insolvency (bankruptcy)” (the so-called draft law on financial rehabilitation), which will give creditors the opportunity to absorb the company-the debtor, converting debt into equity. About it write today “news” with reference to three of the discussion participants – officials and businessmen.
© ITAR-TASS/Vadim Zhernov
Media: Mechel requests to lower the rate on loans, banks require the conversion of debt into shares
The representative of the Ministry refused to comment on the bill, saying that it is under discussion with bankers and experts.
Now to change the owner of a company against his will is impossible (except for banks), the bill permits creditors to include in the restructuring plan conversion of debt to equity under certain conditions. Mainly talking about the unscrupulous behavior of a debtor, hiding information from creditors, etc.
Order to provide, in certain cases, termination of rights of participants in the authorized capital of the company (debt capital), the authorities contained in the minutes following the meeting with first Deputy Prime Minister Igor Shuvalov, the newspaper notes, with a copy of the document. The representative of the Secretariat Shuvalov confirmed that the meeting was, but refused to discuss the Protocol.
“The bill was inspired by this story”
About forced conversion of debt lenders have long been dreaming: it will give them the opportunity to negotiate with the landlord, which may lead the company to bankruptcy and just get rid of it.
Conversion of debt “Mechel” in the action persistently sought its creditors – VTB and Sberbank, whose leaders repeatedly said that the main shareholder Igor Zyuzin guilty in his problems and can’t run the company. Zyuzin has kept the company for himself and “the bill was inspired by the story”, says one of the officials. However, the “Mechel” innovation will not concern, a new mechanism will not apply to debt issued before the entry into force of the law, decided Shuvalov, the newspaper said.
This rule will benefit primarily the state banks, a market leader in corporate lending, with 46% of all corporate loans at 1 November issued by Sberbank and VTB. Norm and necessary for the state, creating on the basis of “RosCapital” Bank bad debts, which will deal with the foreclosure of bad loans.