The unexpected deal
The general director and co-owner of S7 Group Vladislav Filev and the largest shareholder of “Transaero” Alexander Pleshakov signed on Tuesday evening, October 20 an agreement to sell to shareholders S7 “not less than 51% of shares of “Transaero”, told RBC Filev and Pleshakov. On the transaction know and top manager of one of the banks-creditors of the company.
The amount of the transaction, the participants have not disclosed, but according to Pleshakova, the price of the package was “significantly more than one ruble,” assumed in the failed transaction “Aeroflot” and the amount “will satisfy all parties involved».
As part of the failed in early October of the sale of 75% plus one share of “Transaero” “Aeroflot” package was valued at a symbolic ruble.
According to the list of affiliated persons of “Transaero” at September 30, Alexander Pleshakov owned 46.55% stake in the airline, but the chairman of the board of directors of “Transaero” Olga Pleshakova told RBC September 29, the eve of the failed deal with “Aeroflot” Alexander Pleshakov consolidated slightly less than 60% of the company.
«I prepared this agreement in part because he did not want to prevent the monopolization of the aviation market, so that passengers and industry employees had the opportunity to choose between airlines. In addition, our goal was not to have suffered long-term partners and creditors airlines, which undoubtedly would suffer damage in the event of bankruptcy, “- said RBC Pleshakov.
JSC” S7 Group “is 100% owned by the founders of the airline” Siberia “Vladislav Filev and Natalia. Owns 97% stake in the fourth passenger traffic in the Russian airline “Siberia” and 100% of the ninth – “Globus” (both operate flights under the brand S7 Airlines). In 2014 the airline group transported 10.06 million passengers. Total revenues in 2014 amounted to 86,1 billion rubles. , the net profit – 1,39 billion rubles.
The lenders will think
Vladislav Filev told RBC that shareholders S7 «has a plan to normalize relations with creditors” Transaero “. The details of the plan, he refused to talk, saying only that the new shareholders “by all means try to avoid bankruptcy of the airline.” Claims for bankruptcy “Transaero” in Late last – earlier this week filed Sberbank and Alfa-Bank. Yesterday, the newspaper “Kommersant” was reported that from day to day, the company may be revoked operator certificate.
It is the duty of “Transaero” is about 260 billion rubles., Of which 160 billion accounts for leasing aircraft, 85 billion rubles. – On bank loans, the rest – outstanding fuel companies, airports and service providers. On the question of whether to resume if the creditors “Transaero” negotiations on debt restructuring after the deal to Filev, the top manager of one of the banks – the largest creditors of the airline said that it “depends on the conditions».
The first information that S7 Group may participate in the rescue « Transaero », appeared in early September. As reported RBC then, representatives of VTB offered to transfer « Transaero » in the S7 control at the meeting in Economic Development September 2 – the next day after the meeting of the first vice- Prime Minister Igor Shuvalov, it was decided to transfer 75% plus one share « Transaero » «Aeroflot» .
«This [transition" Transaero " under the control of S7] would largely guarantee the rights of the creditors of the carrier “, – said at the RBC a source close to one of the creditors of the airline.
« Well anything that does not lead to the bankruptcy of the airline. So this deal – good news for the PSB. I hope that the new management will take into account the interests of creditors “Transaero”. The Bank is ready for constructive talks about the ways and possibilities of return, debt restructuring, “- said the first deputy chairman of RBC PSB Vladimir Yashin. It is the duty of “Transaero” PSB is 7.5 billion rubles., Pledged to the bank is also four aircraft carrier.
Chairman of the Board of Absolut Bank (debt “Transaero” to the bank, according to sources, RBC is 2, 7 billion rubles.) Andrei Degtyarev told RBC that “welcomes the deal.” “Bank” Absolute “for his part as one of the lenders will make every effort to support the new owner and take the company” Transaero “of the situation in which she found herself,” – said Degtyarev.
Problem carrier
The interdepartmental commission chaired by First Deputy Prime Minister Igor Shuvalov September 1 decided on the transfer of “Transaero” “Aeroflot” for a symbolic ruble. It was assumed that “Aeroflot” will ensure the fulfillment of obligations for passengers rival, payment services and airport refueling, payment of staff salaries. Service credit obligations “Transaero” “Aeroflot” had to take on only after approval of the restructuring program credit debt with the banks. September 3rd board of directors “Aeroflot” took up the offer to the shareholders of “Transaero” for the sale of state-owned 75% plus one share “at the price of said shares is not more than 1 (one) ruble.” The period of the offer, according to the decision, will expire on 28 September.
Since early September, “Aeroflot” took the company to the management. At the same time it was headed by a former deputy director of “Aeroflot” Dmitry Saprykin. But after a couple of weeks, it became clear that “Aeroflot” may not be able to save “Transaero”. Already September 15 Gherman Gref, head of Sberbank, adviser of “Aeroflot” and the largest creditor “Transaero”, said the bankruptcy debtor is not excluded. “By all indications,” Transaero “- is bankrupt,” – said Gref. Behind him talking about the bankruptcy and the officials who had previously relied on the fact that “Aeroflot” pull “Transaero” from the pit. Period offer shareholders “Transaero” “Aeroflot” has expired on September 28 but the deal never took place.
Formally, the sellers failed to collect the required package. Olga Pleshakova told RBC that her husband, Alexander Pleshakov collected slightly less than 60%, and the creditor banks – VTB (in the pledge of 25% plus one share) and ICD, according to her, refused to withdraw deposits from the stock.
October 1 meeting with the Prime Minister Dmitry Medvedev was decided on the bankruptcy of the airline. “Aeroflot” refused the deal, but undertook to carry passengers competitor until December 15 or 95% of all clients, and the rest has been promised compensation. The same day the Federal Air Transport Agency has banned “Transaero” sale of new tickets. After that 12 creditor banks wrote a letter to Medvedev, which indicated that the bankruptcy of airlines will lead to a deterioration of the competitive environment and the quality of traffic in the country, as well as to significant underfunding of the real sector of the economy by the creditor banks and leasing companies. Of these six creditor banks on Monday appealed to Pleshakova, chairman of the board of “Transaero”, with the requirement to replace the general director, since Saprykin, in their opinion, “obvious conflict of interest».
The other day just two major creditor “Transaero” – Sberbank and Alfa Bank – had filed for bankruptcy. The intention to file a lawsuit on bankruptcy and VTB said.
With the participation of Elena Tofanyuk and Timothy Dzyadko
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