08.09.2015 Newspaper
«Business news»
(Lithuania)

ŪKIO BANK’S RIGHT TO CLAIM IN THE AMOUNT OF 54.8 MILLION EURO SOLD TO A COMPANY FROM RUSSIA




Bankruptcy manager of the failed Ūkio Bank completed the sale of the rights of creditors.

Claims of nominal value of 54.8 mln Euro, which were expected to be sold for no less than 5 mln Euro, were acquired by “Platforma- Finance” LLC, notifies bankruptcy manager in his press release.

Although the amount of the transaction were not disclosed due to the confidentiality agreement signed, the press release states: “the price is much higher than the threshold price set by the creditors.”

The sold rights in receivables package consists of the nominal value of creditors ‘claims in the amount of 3.055 billion rubles (39.7 million euro) to the Russian bankrupt company “Russkyi Karavai” and the nominal value of creditors’ claims in the amount of 15.1 million euros to the Lithuanian bankrupt company “Asset management strategy” JSC.

The purchaser was selected through an open competition, on which “Platforma – Finance” made the best offer price.

According to the report, the sales process was suspended in the mid-February last year at the bankruptcy manager’s initiative, but resumed in April after having received signals from potential investors who wanted to return to negotiations. By the end of April, 5 proposals had been received.

“The process was winding and certainly not easy. There were some moments when the successful outcome of the negotiations seemed as unreal as a mirage. It should be understood that from April till now the euro grew by about 45 % relatively to the ruble. It was difficult for Russian investors to overcome the difficulties of the economic situation, and there were no offers from foreign investors.
The negotiations were complicated by the fact that Moscow assets were encumbered with complex legal disputes in which the bankrupt company had the right to satisfaction of claims. Today we can say that the success of the negotiations was achieved due to several positive court decisions in Russia, as well as the decision of our team not to succumb to pressure to reduce the price of the package at the start”- said in the press release citing the Ūkio Bank’s bankruptcy administrator Mr. Zhintaras Adomonis.

The Russian court refused to include Ūkio Bank into the list of creditors having rights of claims to “Russkyi Karavai” because of the ongoing litigation. The Russian company owns commercial real estate with total area of ​​21,498 square meters in the center of Moscow (the Ūkio Bank share accounts to about 48 % of the property). CJSC “Asset Management Strategy” (Lithuania ) owns 99.04 % of shares in ” Russkyi Karavai”. Rights of claim to the Lithuanian company are secured by a pledge of these shares.

Translated from the Lithuanian language