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Lenders Novosibirsk tin plant continues bankruptcy proceedings

10 July 2013
Lenders Novosibirsk tin plant continues bankruptcy proceedings

At the end of last month creditors «Novosibirsk tin

plant» (NOC) adopted a resolution on the introduction of next stage of the procedure

bankruptcy — the bankruptcy proceedings. According to Victor Kugusheva

— Trustee in the case if the hearing will be

approved lenders expected the decision, the plant may be sold

property complex: its structure and equipment will be peer review and

will be offered for sale.

To date, «Novosibirsk tin works»

owed to its creditors in the order of 2 billion rubles, and the adoption of the above mentioned solutions

they will be able to return only part of this amount. According to Elena Ermolaeva —

the Director of «RID of Analytics», a basic value among the assets of the plant has

the land on which the enterprise is located (in this area it is estimated at

50−70 million rubles per hectare).

We will remind that the Novosibirsk oluwatomisin is

a monopolist of the market of tin and solders in Russia. However, in the last 4−5 years

the volume of production at the plant is fast declining. For example, in 2012,

year they produced only 900 tons of commercial tin (compared to the 1018

tons in 2009).

According to Dmitry Baranov, leading expert UK «to Finns

Management», production problems at the plant appeared because of shortage

the raw material base. As you know, the reserves of tin are exhausted, a

Russian mining and processing plants were closed and transportation of enriched

ore is not cheap in view of large distances, therefore to obtain the raw material from

foreign suppliers for NOC is extremely profitable.

In June 2010, «Novosibirsk tin combine» filed in

Arbitration court the claim about own bankruptcy, putting the cause

insolvency the objective conditions of doing business. Already

then his debt to creditors was more than 1.7 billion roubles (from them before

banks — about 0.5 billion rubles). As can be seen from the financial reports

Novosibirsk revocability, in the period from 2005 to 2009 supply

concentrate tin at the company fell by almost 23 times, which was the main

the losses of the plant.

Andrew Schenk — analyst «Investkafe» — believes that

date the decision to liquidate the company to its creditors do not

profitable. «They'll probably try to create a vertically integrated

production through the purchase of licenses for development of deposits of tin and became

owner of MCC for the treatment of ores (after all, to purchase raw materials abroad very

expensive)» — commented the expert. «But in this case, the plant will

you need to invest at least another 1−1,5 billion rubles. An attempt by creditors to sell

someone knock unlikely to be successful, because the price of tin since the beginning of 2013

fell by a third, and similar asset of little interest to investors, so

to recover production efficiency, the new owners will have

independently» — says the expert of Agency business analysts.

8 July 2013
11 July 2013