Vnesheconombank is elaborating the financial recovery plan for NPO Saturn assuming the refinancing of its debts owed to VTB, Gazprombank (GPB) and MSP-bank totaling about 15 billion rubles, Kommersant reports with reference to a source close to United Engine Corporation (UEC).
«The question of financial recovery may be introduced for debate at the meeting of Supervisory board scheduled for late September», - he said. Another source noted that VEB’s participation in this project depends on provision of state guarantees to NPO Saturn. Thisprocess may take up to 1.5 years.
Press-service of UEC explained that the decision on providing NPO Saturn with state support in several areas (additional financing of the enterprise’s investment program, refinancing of its debts to the amount of 15 billion rubles and subsidizing the credit interest rate) was taken in late 2012.
According to the financial statement of NPO Saturn for the second quarter of 2013, the enterprise’s largest creditor is VTB. Three credits provided by VTB are specified in the statement. The first one totals 7,5 billion rubles (current debt - 5,14 billion rubles). It was provided in 2008 with a credit interest rate of 9,25% (the credit’s final maturity date is December 2013). Another two credits must be repaid in the first half of 2014: the first one totals 4,3 billion rubles (current debt - 3,73 billion rubles), the second one totals 2,5 billion rubles. In addition, Saturn is servicing a 7-year bond-secured loan totaling 3.5 billion rubles (principal debt is 521 million rubles) with a final maturity date of June 2014. At that GPB and MSP-bank did not make the list of the largest creditors of NPO Saturn. A source close to UEC said that Saturn’s long-term debt owed to GPB is around 200 million rubles and Saturn also owes 160 million to MSP-bank.