OR Group will appeal against the decision to recover 580 million rubles from the group in favor of Promsvyazbank

OR Group (formerly the Obuv Rossii group of companies) plans to file an appeal against the court decision to recover 580.1 million rubles from OR LLC (a subsidiary of OR Group) in favor of Promsvyazbank, Interfax was told in the press -group service.

The complaint will be filed within a month.

„According to the decision of the Supreme Court, enforcement proceedings on claims of creditors during the period of the moratorium on bankruptcy are subject to mandatory suspension,” the representative of the group recalled.

The Group continues negotiations with banks on debt portfolio restructuring.

„For us, as before, the priority scenario for overcoming the crisis is reaching an agreement and approving a debt settlement program with all creditors and investors, including bondholders,” the press officer added.

On July 13, the Moscow Arbitration Court satisfied Promsvyazbank’s claim against OOO OR for the recovery of 580.1 million rubles.

On January 20, 2022, OR Group made a technical default on the redemption of the „body” of exchange-traded bonds of the BO-07 series in the amount of 592 million rubles, the main holder of which was Promsvyazbank (about 99% of the bond issue).

Later, the group announced negotiations with a representative of the owners of exchange-traded bonds on their prolongation, while noting that it had previously discussed the issue of prolonging the bond issue BO-07 within the current limit with the main bond holder – Promsvyazbank, however, „the company has not received a final response from PJSC „Promsvyazbank”, which led to default on bonds.”

Since the end of June 2022, the representative of the bondholders of OR LLC, Region Finance LLC, has filed eight lawsuits with the Moscow Arbitration Court to recover debt on bonds totaling more than 4.77 billion rubles.

Claims are directed on bonded loans of series 001R-01, -02, -03, -04, as well as 002R-01, -02, -03 and -04. Only the application for bonded loan series 002R-04 has not yet been accepted for production.

Until the end of March, the company fulfilled its obligations to pay coupon income, but in April it made a series of defaults on all traded bond issues.

In June, the company announced that it was in talks with bondholders and offered them three indicative options for restructuring bonds. After receiving feedback from bondholders, the group will finalize the options and formulate three proposals that will be put to a vote as part of the preliminary meeting of bondholders, the company will announce the start of voting separately.

Currently, there are 9 issues of bonds of OR LLC in circulation with a total volume of about 4.75 billion rubles.

From February 7, Moscow Exchange limited the trading mode for OR Group bonds of series 001P-01 – 001P-04 and 002P-01 – 002P-04 to the default trading modes „Bonds D – Main trading mode”, „Bonds D – RPS” and „Bonds D – RPS with the Central Committee.

OR Group is a trading platform on the basis of which the westfalika.ru marketplace and an ecosystem of services are being developed. The Group manages a network of sales and service outlets under the Westfalika brand, which is represented in 308 Russian cities.

Ethan Andrews

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