In disputes with Rosselkhozbank Ekoniva stated that its business is worth about 85 billion rubles

A week after the decision of the Arbitration Court of Voronezh region, the parties announced reconciliation – the bank resumed financing Ekoniva and noted that it did not intend to exercise the disputed options. The company also stated that they have no debts to Rosselkhozbank.

Thus, judging by the case materials, until 2020 the group received a significant part of financing fr om Alfa-Bank. In March last year, the company decided to refinance, the rights of the lender were transferred to Rosselkhozbank. At the moment, the company's loan portfolio is 90 billion rubles. In May last year, the parties agreed to increase the lim it to 100 billion rubles and extend the terms of repayment of loans.

Rosselkhozbank, providing a loan for a significant amount, is obliged to form sufficient collateral in accordance with the requirements of the Central Bank. In case of violation of this rule, the bank may lose its license. Therefore, it was decided to conclude agreements for the provision of options allowing to buy out shares in the company at par value for 5.3 million rubles.

As a result, the bank asked the subsidiaries of the group JSC MMAP and LLC Oka Moloko to pay the debt in the amount of more than 3 billion rubles ahead of schedule. The company did not agree with the bank's demand, and later received a notice of overdue payment, which gave the bank the right to exercise options.  

In court, Ekoniva insisted that prior to the conclusion of the disputed auctions, the bank suspended the issuance of revolving loans, this hindered the normal activities of the group. The company also pointed to its "difficult situation", in connection with which it could lose the necessary financing, which could lead to adverse consequences, including the bankruptcy of individual companies.

It follows from the case file that Rosselkhozbank offered Ekoniva to refinance in another bank, but there was no such opportunity, since not every bank is ready to provide such an amount. Moreover, by that time all the valuable property of the company was already pledged to RSHB.

In addition, the company cited independent estimates of the value of its business in court, trying to show the difference with the value of nominal shares at which the bank could buy out subsidiaries of legal entities. According to the global auditing company PWC, the objective value of the group's business ranges from 716.3 million to 1 billion euros. According to data at the end of August, after deducting liabilities, Ekoniva's business could be estimated at 824.6 million euros (about 70 billion rubles).