Rusnano announced the risk of signs of bankruptcy
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“Rusnano“has signs of insolvency and there is a high probability of signs of bankruptcy occurring, follows from the state-owned company’s report for the first half of 2023.
The document states that as of June 30, the volume of creditors’ claims significantly exceeds the value of Rusnano’s assets. The company will not be able to fully repay the required amount of debt obligations by the end of the year.
“In case of non-acceptance by the shareholder of the JSC”Rusnano“Decisions to normalize accounting (financial) reporting and provide (restore) liquidity to fulfill obligations to creditors, including under budgetary and other regulatory restrictions, there is a high probability of signs of bankruptcy,” follows from the company’s report.
Net debt “Rusnano“since the end of last year it increased from 90.8 billion rubles. up to 95.6 billion rubles. on June 30th. The company explained this dynamics by a “decrease in short-term financial investments” in the first half of the year.
In August, the company reported that net profit in the first half of the year amounted to 2.9 billion rubles. From 2021 “Rusnano» allocated over 82 billion rubles. for debt servicing, and for the entire period – more than 145 billion rubles, which is “many times higher than the current debt balance.” “Historical accumulated debt continues to negatively impact the company’s financial results and, as a result, there remains significant uncertainty regarding going concern,” it was said in a company press release.
In October last year, amid discussions about the liquidation of “Rusnano» the company proposed a vision for reorganization, wrote “Vedomosti”. A company representative then reported that the most appropriate option was to change its funding model by increasing the share of private capital. At the first stage, it was proposed to finance state-owned company projects in a ratio of 1 to 4, that is, for one state ruble – four foreign ones. It was also reported that Rusnano has prepared 20 companies, including foreign ones, for sale.
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