Date: 6 months ago   Category: Corporate finance

AFK "Sistema" has reported about approach of a technical default


AFK "Sistema" has reported about approach of a technical default according to credit obligations for the sum of 3,9 billion rubles because of arrest of assets within the dispute with Rosneft. RIA Novosti on Monday, July 17 reports about it. In the statement of AFK it is noted that approach of a technical default is connected with arrest of the stocks of MTS, "Medsi" and BESK owned by the company and JSC Sistema-Invest. "AFK "Sistema" emphasizes that non-compliance with separate conditions on a number of credit obligations which creates the bases for a technical default is caused only by the judgment about arrest of the assets stated above and has especially formal character" — the message of "System" quotes the agency. At the same time it is noted that the declared default has formal character as the company will continue to serve the credit obligations in full. Last week the eighteenth arbitration Court of Appeal (Chelyabinsk) appointed to August 7 consideration of the appeal of AFK "Sistema" on definition of inferior court which as interim measures in the claim of Rosneft on 170,6 billion rubles has arrested the stocks of three companies owned by corporation. The arbitration court of Bashkiria according to the petition of Rosneft has made on June 23 the decision on arrest 31,76 percent of shares of MTS, 100 percent of shares of "Medsi" and 90,47 percent of shares of BESK belonging to AFK. The book value of these assets is 185 billion rubles. On July 6, having considered the appeal of AFK, the court has upheld earlier made decision. Materials on teme00:01 — on November 16, 2016 Bad компанияОт Rakhimova to Ulyukaev: to whom Bashneft In May, 2017 Rosneft and Bashneft has caused troubles 106,6 billion rubles of the losses suffered, according to them, in connection with reorganization of the Bashneft company have submitted the statement of claim to AFK "Sistema" and CJSC Sistema-Invest about collecting. Later they have increased the size of requirements to 170,6 billion rubles. At the end of the same month Bashkiria has joined the requirement as the co-plaintiff. Trial on the merits has begun on June 27. However the final decision hasn't been made, the court announced a break in a meeting till July 12. In October, 2016 Rosneft has redeemed 50,08 percent of shares of Bashneft within privatization. Till December the 2014th 71,6 percent of shares of Bashneft belonged to AFK "Sistema". At the end of the same year securities have been returned by the judgment in the property of the state because of the found violations at privatization of the company in 2005-2009.

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