VTB takes money from the PIC

As explained in the bank, the developer has not fulfilled within their financial obligations. In turn, representatives of the PIC stated that the company is working on restructuring debt and called the claim "posleprazdnichnym misunderstanding." Also yesterday, it became known that the peak leaves the CFO, which held in 2007 among the most successful IPO real estate companies. Sued by VTB to the group pic was registered yesterday at the site of the Moscow Arbitration Court in the category of "economic disputes in civil law relations." Dispute banker and developer, according to information on the site of the court, concerns the amount of 2.72 billion rubles. "The structure of the PIK were not repaid on time as previously reported VTB Drawing - RBC daily reported the press service of the bank Tatyana Yurovsky. She explains that the claim to arbitration has been filed in connection with the failure of the borrower commitments "to resolve the situation and refund the bank". At the same time in the group PIK claim that is currently being negotiated to restructure this debt. According to the spokesman PIC, negotiations are at an advanced stage. He suggests that a hitch with the claim was caused by the long New Year holidays, due to which information about a possible change in credit conditions have not reached all levels. The bank confirmed that talks with the PIC on debt restructuring. The question of what obligations are overdue, both sides left unanswered. As follows from the documents of the company DSK-3, a member of the CC "PIC", in late August 2008, PIC entered into an agreement with VTB Bank to issue bank guarantee for 2.66 billion rubles. According to the contract term expires on bank guarantee only April 15, 2011. As explained by lawyers, a bank guarantee provided under the contract of a third party - another lender. "Apparently, VTB has paid that amount for the obligations of PIC to another bank, but has now decided to demand the return of funds" - suggests the company lawyer Magisters Alexander Van. According to him, to demand early repayment of obligations of the bank may, for example, in the event of a default on installments or in the case of reducing the value of the property collateral. Market participants notice, that the bank could sue as a safety net: if the negotiation process with the developer comes to a standstill, VTB will be able to recover the debt in court. Claim VTB was not the first filed for arbitration against the HA "PIC", however, is the largest of them, and only related to bank lending. Before any money from the developer through the Arbitration Court sought a predominantly under a supply contract and contract. In total since September 2008 on the site of the Arbitration Court of Moscow registered claims against the company PIK Group for more than 3.05 billion rubles. The overall debt burden the developer, according to the first half of 2008 amounted to 1.59 billion dollars, of which about $ 900 million FDI should pay until the end of the year. "The company finished the year with a break in the liquidity of 283-300 million dollars at auction If we consider the construction of housing for Moscow, which the developer won in late December, the rate will drop to 143-163 million dollars" - an analyst at VTB Bank has estimated Maria Kolbina. The experts emphasize that the funds from the city's order did not arrive until the first quarter of 2009, and the funds from commercial sales in December, even on optimistic estimates could not compensate for this gap. Address the issue of debt PIC since January 23 is the new Group Finance Director Anna Kolonchin from Deutsche Bank. Company leaves Eugene Moon, who led the finance group for almost three years. As can be seen from the official reports of GK PIC, Mr. Moon himself decided to retire from the company. According to the director general of the Civil Code "PIC" Kirill Pisarev, which are listed in the press release, is now treasurer of the group priorities are changing: "The main problem right now - to reduce the debt of the company and change the distribution of costs in accordance with the requirements of the business in 2009." It is assumed that by the end of January, a group pic submit amended development plan in the light of the crisis.