Igor Linshits / Sergey Porter / Vedomosti

An extraordinary meeting of shareholders of JSC Mosinzhstroy decided to begin the liquidation procedure of the company, the company's press service reported. The company explains this by "its difficult financial situation" related to the inability to fulfill obligations to service and repay loans within the timeframes and under the conditions specified in the concluded agreements.

The company's debt to banks amounts to 7.5 billion rubles. Two banks - VTB and Khanty-Mansiysk Bank - account for approximately 6 billion rubles. The company lost the first instance court cases against both banks. In addition, over the past year, the Moscow government has filed claims against Mosinzhstroy for contracts concluded in 2003 and later, amounting to almost 13 billion rubles in fines for violating the terms of their execution.

The main reasons for this situation in the company are the frequent change of top management over the past few years and the reduction of the city order portfolio. The last significant tender - the project for the construction of a two-level transport interchange at the intersection of Novoyasenevsky Prospekt with Profsoyuznaya and Teply Stan streets worth 4.69 billion rubles - MIS won two years ago.

After the company's shareholder changed in 2004 - the controlling stake was bought by banker Igor Linshits, the company's affairs generally got worse. In 2006, Linshits ran into trouble: a criminal case was opened against him (illegal banking activities, money laundering, etc.). He had to leave Russia, and different structures began to call themselves the owners of Mosinzhstroy: first, the investment company A1, then Valery Abramson's Infrastructure. In 2009, the holding's CEO Gennady Zhivotinsky resigned, created a new company and took the backbone of Mosinzhstroy specialists to it.

In May 2010, the criminal case against Linshits was closed; he returned to Russia. But this did not save the company. He began looking for a buyer for his stake. In 2012, the company announced that Ilya Karpov had become a co-owner of Mosinzhstroy, and Sergei Volkov, formerly one of the heads of the Moscow Construction Investment Programs Department, was appointed CEO. Ilya Karpov is known as the largest (former) co-owner of the largest (former) Russian agroholding OGO.

It was assumed that Karpov would be able to straighten things out in the company, and Volkov would be able to provide it with orders. However, this did not happen. Moscow officials have repeatedly publicly reported that the company is not coping with orders and is close to bankruptcy. According to SPARK-Interfax, the order portfolio in 2011-2013 amounted to about 13.1 billion rubles. The amount of claims against the company for the same period is 14.4 billion rubles. Karpov stepped down from managing the company, and now the main owner of the company is Linshits, says a company representative.

Mosinzhstroy expects that the introduction of the liquidation procedure will allow it to determine the size and composition of the accounts payable, agree with creditors on the procedure and conditions for its restructuring, and subsequently restore the company's operations, its representative says.

Mosinzhstroy shareholders have begun the process of liquidating the company