Arbat Prestige sells three of its stores

The Arbat Prestige company intends to sell its three stores in Moscow to pay off bonds for 1.5 billion rubles, the Vedomosti newspaper writes on Friday.

We are talking about stores on Kutuzovsky (total area - 1461 square meters), Leningrad (3683 square meters) and Leninsky (3066 square meters) avenue. The buyer will be Uralsib, who was the organizer of the bond loan. Under the terms of the transaction, Arbat Prestige will have the right to return to retail space.

Shops are estimated at $ 80 million. From this amount it is planned to pay with bond holders, and the remaining part of Uralsib will be taken to repay the loan taken from him “Arbat Prestige”.

Arbat Prestige should pay off a bond loan of 1.5 billion rubles and coupon income for it for 78 million rubles on June 20. At the end of May, representatives of the company admitted that Arbat Prestige has no funds to pay off the loan. On Thursday, Uralsib Bank refused to inform if the company transferred money to repay.

If the company fails to agree with Uralsib on receiving the necessary funds to pay off the sale of stores, it will be in a state of technical default.

Vladimir Nekrasov, the main owner of Arbat Prestige, selling perfumes and cosmetics, has been under arrest on charges of tax evasion since January 2008. After it became known about the detention of Nekrasov, arrested along with Semen Mogilevich, who was wanted by the FBI, part of the suppliers broke contracts with Arbat Prestige.

In 2008, the company already sold five stores owned in St. Petersburg. In Moscow, Arbat Prestige has 13 stores still.