RBC does not exclude bankruptcy

Elena Factory Moscow (Reuters) - the experiencing financial problems of RBC admitted that the inability to restructure the debt portfolio can lead the company to bankruptcy. This is stated in the company's report. RBC began negotiations with the largest creditors on the restructuring of the entire debt portfolio back at the end of 2008, in order to achieve a more stable financial situation-the situation with liquid assets of RBC worsened in the second half of 2008 due to the financial crisis. At the end of July, RBC and the ONEXIM Group Mikhail Prokhorov sent a new joint proposal to creditors of the Russian media-holding to restructure the debt. According to the results of the first half of 2009, RBC accounts payable amounted to 3.5 billion rubles, the overdue debt reached 1.8 billion rubles (of which the delay in bonds is 1.6 billion rubles). Cligkes and risks of some RBC lenders demanded the fulfillment of the company's obligations in court. The first was Alfa-Bank, which back in 2008 filed a lawsuit to recover from RBC the main debt and interest on fixed-term transactions with securities and foreign currency for $ 41.8 million. “A lawsuit has been filed, which, if the decision is made in favor of the issuer, may have a significant adverse consequence for the issuer’s activity or financial situation,” writes RBC about Alfa-Bank claim. In 2009, the number of claims against RBC, which may have adverse consequences, has grown sharply: - Royal Bank of Scotland requires RBC to recover the loan amount and interest by $ 5.17 million. The claims of the bank were satisfied. An appeal has been filed. -“Russian International Bank” filed a lawsuit against RBC due to non-fulfillment of bonds for 51.14 million rubles. The “First United Bank” also demands to fulfill bonds for 5.6 million rubles. Another holder of exchange bonds of RBC - Baltinvestbank - requires 11.22 million rubles from the company in court. - Raiffeisenbank filed a lawsuit against RBC for 108.8 million rubles, demanding to fulfill the bond obligations. The court decision was made to recover, the RBC report said. - The holder of the bonds of RBC Freinveststroy demands to recover 5.7 million rubles from RBC, the Kuznetskiy Bridge bank - 4.3 million rubles, and the Capital Criminal Code - 69.5 million rubles. -Alfa-Bank filed another lawsuit against RBC, demanding to fulfill the obligations for issued bonds, for 253.8 million rubles, the Rosbank Criminal Code requires 37.9 million rubles. - Private investor Oleg Korotyshevsky demands 12.4 million rubles from RBC in the court for bonds. Reductions in the Republic of RBC say that the loss of key personnel can adversely affect RBC growth and its success in the future. According to the results of the second quarter of 2009, 112 people worked in RBC, although at the beginning of the year the number of employees was 157 people. To minimize this risk, the company is preparing a reserve of employees for leadership positions. At the same time, the founders of RBC - German Kaplun (General Director), Dmitry Belik (Deputy Chairman of the Board of Directors for Finance) and Alexander Morgulchik (Deputy Chairman of the Board of Directors for Development) - plan to continue to develop the company in the future. RBC warns investors that the economic crisis leads to a decrease in the purchasing power of the population and reduce business activity of companies advertising their goods and services on RBC resources, which can have a significant negative impact on the company's revenue. The revenue of RBC according to the results of the second quarter amounted to 3.9 million rubles (12.7 million rubles in 2008). The company's loss for the half -year amounted to 1 million rubles. Information about defaults and debt restructuring of other Russian issuers on ruble bonds is available in code. Data on defaults on corporate Eurobonds are available in code. (Editor Dmitry Antonov)