Press releases | Archive 2009
OAO RBC Information Systems submits new proposals on debt restructuring to creditors
Moscow, July 28, 2009 - OAO RBC Information Systems (hereinafter, the “Company,” “RBC”) and Onexim Group have submitted to the Company’s creditors a joint proposal on the Company’s debt restructuring. Support for the proposed restructuring scheme on the part of the creditors would pave the way to the general resolution of the complex situation surrounding the Company and allow it to secure the necessary investments for saving the business and further developing RBC.
The joint proposal provides for the conversion of half of the debt into five-year bonds, as well as the purchase of the second part of the debt from the creditors for 36% of the nominal value, or its conversion into eight-year bonds and the repayment of 4% of the total debt amount. With this in mind, one of the proposed scenarios provides for the full repayment of invested funds to the creditors. The coupon rate on both financial instruments has been set at 7%.
This proposal is part of the joint plan of RBC and Onexim Group on a multipronged resolution of the situation around the Company. According to the joint proposal, Onexim will buy 51% of the Company’s increased share capital as a result of an additional share issue for $80mln. The proceeds of the share offering will be used, first of all, to restructure the Company’s debt, and also to solve the current operational issues, including the necessity to maintain the Company’s capital at a sufficient level. Onexim’s representatives will gain the majority in RBC’s Board of Directors, while the operational management of the Company will remain in the hands of its current managers.
The deal on Onexim Group’s entering the Company’s share capital will be closed subject to consent from a certain number of the creditors to the proposed restructuring plan, and it will be contingent upon receiving all necessary corporate and regulatory approvals. Another essential condition is the elaboration of a detailed business plan for 2009-2010 and the realization of certain corporate and legal actions for business restructuring, improvement of transparency and controls.
“We believe that our proposal serves the best interests of different groups of the creditors, and their support will not only allow the Company to resolve the problem with its debt, but also to embark on the realization of its aggressive development strategy. This will ensure the Company’s successful performance of its debt liabilities, as well as create additional value for the shareholders,” RBC’s General Director German Kaplun said.