As part of the bankruptcy of T-Platforms JSC, the company’s property was put up for auction
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As part of the bankruptcy of T-Platforms JSC, which created the Baikal Electronics design center in 2012, the rights to developments and patents were also put up for auction. All property is estimated at 484 million rubles. The current owners of Baikal Electronics do not claim intellectual property, hoping that its implementation “will help increase the number of products based on Baikal processors.” However, market participants note that the developments are related to the already obsolete Baikal-M processors and are unlikely to be of interest to anyone.
As part of the bankruptcy proceedings of T-Platforms JSC, on August 17, the company’s property was put up for auction, Kommersant found in the EFRSB. In addition to the results of intellectual activity (RIA) used, for example, in the development and production of Baikal-M integrated microprocessors, motherboards, components in laptops, blade servers (thin modular electronic board containing one, two or more microprocessors and memory ) and other electronics, as well as training videos, 3.46 million shares of Baikal Electronics JSC, which are still owned by T-Platforms, will go under the hammer.
Judging by the protocol for assessing the debtor’s property, we are talking about 1% of Baikal Electronics (100% of the company’s shares were valued at 217.3 million rubles as part of bankruptcy). The initial cost of securities is about 2 million rubles. In general, the company’s RIA and shares were valued at 484 million rubles. The auction will take place on September 26th. Bankruptcy manager Sergei Kononov did not answer “Kommersant”.
The application for the beginning of bankruptcy of T-Platforms JSC, which founded Baikal Electronics in 2012, was filed in October 2021 by Ramek-VS. In September 2022, the company was declared bankrupt and bankruptcy proceedings were launched.
From the report of the bankruptcy trustee it follows that the amount of creditors’ claims exceeds 741.2 million rubles. A few months before the start of the procedure, 44% of the shares of Baikal Electronics from JSC T-Platforms (another 55% belonged to Rusnano through T-Nano) were bought by the founder of Varton and the owner of Astra Linux Denis Frolov (see. “Kommersant” dated June 21, 2021).
Baikal Electronics announced the release of microprocessors of the Baikal-M line in 2019: the company ordered 213 thousand devices from Taiwanese TSMC. In 2021, after the change of co-owner, the company announced the new Baikal-M2, Baikal-L and Baikal-S2 lines for different categories of electronics (see Kommersant dated February 2, 2021). After the outbreak of hostilities in Ukraine, Baikal Electronics suspended the production of new processors due to problems with orders in Taiwan (see Kommersant dated June 16, 2022).
As Andrei Evdokimov, CEO of Baikal Electronics, explained to Kommersant, all RIAs offered for sale belong exclusively to T-Platforms JSC: “The company has the right to dispose of the results of its work at its own discretion.” Denis Frolov, in an interview with Kommersant, emphasized that he had no intentions to participate in the auction and buy out both the shares of Baikal Electronics and RID: “We have enough of our own developments.” Andrey Evdokimov even believes that when RIA is sold to third-party companies, “the number of products based on Baikal processors will increase and the ecosystem will expand.”
At the same time, market participants doubt the value of developments. One of Kommersant’s interlocutors explains that, as part of bankruptcy, RIAs are often evaluated based not on the current real market value, but on the basis of how much money was spent on their development: “Conditionally, the company received a government subsidy for the creation of a certain product in the amount of 100 million rubles, which means, based on such an assessment, the cost of the product is just 100 million rubles. The source of Kommersant does not see the potential for selling assets at auction: “These technologies are most likely outdated. Plus, it is difficult to find specialists who are familiar with them and will be able to continue working.”
“This is an outdated processor, products on which, in fact, no one needs now, and no one will buy intellectual property,” confirms a top manager of an electronics manufacturer. It is easier to develop a product anew than to try to adapt the developments of JSC T-Platforms to your own needs, adds a top manager of the Russian design center.
At the same time, Promobit CEO Maxim Koposov admits that T-Platform RIAs may be “relevant for engineers of those companies that have not solved such problems” as “educational material”.
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