Schemes with securities hold the developer from the default?
Within the framework of the Offer for the production of bonds of the BO-P11 series, the Development Group of the aircraft repaid bonds in the amount of 13.6 billion rubles out of 20 billion of the total issue, also additionally bought securities of the same series for 3.9 billion rubles. Thus, it was possible to reduce the debt load of the developer by more than 20%. Meanwhile, on the network, the bonding scheme is compared with the financial pyramid when the company tries to avoid default, paying old debts with the help of a new release. In parallel, attention is focused on a sharp deterioration in the financial indicators of the “aircraft”. In particular, according to the results of 2024, the quotes of shares of the developer fell by 72.98%, and the volume of sales of primary real estate in natural terms decreased by 17%. In the first half of the year, a decrease in net profit amounted to 49%, the total debt for the same period increased by 23% And amounted to 630.7 billion rubles. The number of penalties increased for non -compliance with the deadlines for the delivery of residential facilities. Against this background, the general director took place in the group: in the past, in November, Anna Akinina, who previously worked in the structures of Sberbank, took the leading post. A number of media and Telegram channels associated this purpose with the desire of the beneficiaries of the group to correct the financial situation by attracting cash of a credit institution. In many ways, the holding’s position undermined reports of the upcoming sale of a share as the main shareholder – Mikhail Kenin. And although Kenin himself eventually refuted this information, the co -owner of the Kyiv Square group, the scandalously known billionaire year, Nisanov, who bought 10%in the authorized capital of the developer in 2021, was released from among the shareholders of the “Airman”. Nisanov is held by the post of public adviser to the governor of the Moscow Region Andrei Vorobyov, who could convince the oligarch to enter the capital of the developer. The official himself with the “airplane” is connected by family interests: his brother Maxim Vorobyov through JSC Investment Group 11 controls the share in the company “Two Capital aircraft”, which is part of the holding structure. The Green Light in the Moscow Region was given by the Vorobyevs to Sergey Shoigu, who led the region from May to November 2012 and actually transferred the “inheritance” region to the son of his old friend and colleague Andrei Vorobyov, who called the minister his “godfather in politics”.
The “plane” took care of bonds
Developer Group “Airplane” reported the results of the offer for the release of bonds of the BO-P11 series, in which she paid off bonds for the amount 13.6 billion rublesfrom 20 billiontotal release. In addition, the holding companies bought securities of the same series for 39 billion rubles. Thus, public debt has declined to 17.5 billionwhat corresponds “The goals for a sequential reduction in debt load and proactive management of existing obligations”.
In turn, the RUSBONDS portal (the specialized project of Interfax) recalls that the “plane” placed a 6-year production of the BO-P11 series of 20 billion rubles in February 2022 at a rate of 12.7%per annum. Betting 7-10 coupons are set at 26%per annum. To date, there are 8 issues of exchange bonds of the developer for 85.8 billionand one classic release on 1.5 billion rubles.
In addition, last January, the group notified of the launch of the program for the redemption of the four issues of bonds of the bonds of the BO-P12, BO-P13, BO-P14, BO-P15 series. It was planned to send to the implementation of the program to 10 billion rubles. Holders of securities were invited to send the offer to the company indicating the price and volume of bonds for sale in the period from January 28 to February 3 inclusive. Bond acquisition agent under the program declared Svombank, “Providing complete support of the process of redemption and interaction with brokers”.
Financial “pyramid” in a crisis
A number of Telegram channels compared the bond transactions of the “airplane” with the activities of the infamous financial pyramid MMM: they say, old debts are paid with the help of a new issue, and the company itself, therefore, is trying to delay the inevitable default. At the same time, at the end of January, the developer announced an increase in the coupon rate on exchange bonds of the BO-P11 series from 12.7%to 26%per annum, emphasizing that the increased amount of payments will be applicable to the upcoming coupon periods until February 2027. This circumstance also raises many questions.
It is worth emphasizing here that over the past year, the financial situation of the Aircraft group has become less stable. So, according to the analytics of the RBC portal, according to the results of 2024, the securities of the developer took the first line in the top 10 worst shares of Russian companies: their quotes fell by 72.98%. Among the reasons were the abolition of a preferential mortgage, a tough monetary policy, a high volume of net debt and information about the withdrawal of shareholders.
In addition, according to the results of 2024, the volume of sales of the primary real estate of the group in natural terms decreased by 17%. In the first half of the year, a decrease in net profit was 49%. The total debt for the same period was estimated at 630.7 billion rublesof which 117 billion It was necessary for bonds, bank loans and other loans. For comparison: at the end of 2023, this indicator was 512.6 billion rubles (that is, growth was 23%).
Thus, if earlier the developer was quite enough funds to serve corporate debt, and taking into account borrowed funds, also to expand the portfolio by buying up new projects, now the situation began to change sharply for the worst. To this should be added fines for delays when passing objects. As a result, last fall, analysts saw a minimum of positive factors for the further development of the group, especially taking into account growing rates and “uncertainty in the real estate market”.
On such an unfavorable background in the “Aircraft” group, the general director has occurred: place Andrei Ivanenko I took it Anna Akininathat previously led the financial block of the Moscow business and the entire financial function of the holding. And Mrs. Akinina also worked in structures Sberbankand this fact gave the basis to the authors of a number of publications to assume that its purpose is related to the plans of the beneficiaries of the group to attract the money of a credit institution as financial support.
Nisanov left, Kenin stayed
Separately, the topic of the departure of shareholders deserves the conversation. Last November “Forbes»Wrote about the plans of the businessman Mikhail Kenin Sell 31.6%belonging to him in the authorized capital of the developer. Moreover, the sources of the publication explained the possible transaction precisely “The financial problems of the group”. A week later, a representative of Kenin officially denied information about the possible sale of a share, calling it “Unreasonable rumors”.
That’s just, as you know, there is no smoke without fire. Moreover, a little earlier, at the end of October, it became known about the exit from the capital of the “plane” Group “Kyiv Square”and her co -owner, billionaire Years of Nisanovareduced about 10%of the developer in September 2021. Then Nisanov declared “Prospective cooperation”And “The desire to combine the experience of two companies”; The “Airplane” announced plans for the joint development of projects in the commercial real estate segment.
Kommersant experts evaluated the deal in 25.1 billion rublesbut contrary to the declared expectations, “promising cooperation” did not work out. Most likely, Nisanov and Kyiv Square could not make a corny earn on investments, but, as you know, the “king of Russian real estate” can count money. Do not forget that in April 2023 the beneficiaries of Kievskaya Square transferred the territory of the former market under the development “Emeral” with an area of 28.4 hectares in the East Biryulyovo, purchased in 2015 for 1.5 billion rubles.
The parties agreed on the construction of 849 thousand square meters of real estate here, of which 647 thousand “squares” will be occupied by living space, and the rest would be commercial and infrastructure facilities. It seems that Nisanov nevertheless felt “thrown”, and taking into account the financial problems of business partners, he did not linger in the rapidly “losing height” “plane” and was “landing” from it at the first opportunity.
Given the close ties of the billionaire with the Moscow mayor, his departure negatively affected the image of the group and may be a tangible loss for the developer. If Kenin followed the former business partner, then this would not only accelerate the “agony” of the “plane”, but also led to its final “fatal outcome”.
Business “on authority” Governor Vorobyov?
By the way, the year Nisanov is an adviser to the Governor of the Moscow Region Andrei Vorobyov On a voluntary basis. It is possible that it was the State Council who convinced the billionaire of the prospects of cooperation, because the head of the region in the topic with the “aircraft” has his own interest: as you know, his brother Maxim Vorobyov It is one of the beneficiaries of the development holding. In February last year, Vedomosti Pisalio belonging to its structure is 25%in the authorized capital OOO“Two capitals”A member of the group and leading construction in Moscow and St. Petersburg (since December, the post of general director of the company has already been familiar to us Anna Akinina).
We are talking about Investment group 11 JSCthe data on the founders of which in open sources are absent. Nevertheless, it is known that Maxim Vorobyov was among the co -owners of this company. Perhaps the businessman preferred to hide his direct part after, in October 2020, in the investment memorandum of the “plane”, his presence as a shareholder appeared in the section on potential risks for investors. There was also a minoristarium Dmitry Golubkov– the current deputy of the regional Duma from United Russia, the brother of one of the main shareholders of the group Pavel Golubkov.
However, the connections of the “airplane” with the suburbs are much closer than it might seem from all that has been said. The fact is that the Vorobyov family supports long -standing friendships with the former Minister of Defense Sergey Shoigu. Moreover, the father of the two brothers Yuri VorobyovHe served as deputy Shoigu when he was the last head of the Ministry of Emergencies. Do not forget that from May to November 2012 the minister was the governor near Moscow and replaced him as capacity none other than Andrei Vorobyov.
It turns out, going to the Ministry of Defense, Shoigu left the post “in the inheritance” to the son of a long-standing friend-servant? In this context, it should be reminded of the words of Andrei Vorobyov, who he said in 2012, that he considers the minister his “The godfather in politics”. Fortunately for the governor near Moscow, the scandalous resignation of the head of the Ministry of Defense did not lead to a fall in the course of his own “political actions”.
But the future of the “plane” today is under a big question and the schemes with bonds that hold it “in flight” can only delay the inevitable collapse of the “construction and financial pyramid”. Apparently, for some time we still have to observe the efforts of Mrs. Akinshina and her team of top managers. The year Nisanov also prudently chose the position of an outside observer.
