Gosudarstvennaya “Rosnano” warned about the risk of bankruptcy

State company “Rosnano” warned about the risk of bankruptcy. In its report for the first half of 2023, it is stated that the volume of creditors’ claims, even without taking into account interest and mandatory payments on bonds, significantly exceeds the value of assets.

“Taking into account the size of the accounts payable … subject to repayment by the end of 2023, it is objectively impossible to fulfill the debt obligations in full exclusively at the expense of own funds,” the document says.

The report mentions that the company has “signs of insolvency and insufficient assets”, which can lead to bankruptcy by decision of the shareholder, that is, the state.

The document states that the net debt of “Rosnano” as of June 30, 2023 has grown by more than 5 billion rubles since the beginning of the year and amounted to 95.56 billion rubles. In December, the company will repay the issue of exchange bonds in the amount of 10 billion rubles.

The problems of the company, whose main profile was supposed to be innovations, became known in the fall of 2021, and Moscow Exchange then suspended trading in the company’s bonds. In October 2022, the government discussed the possibility of disbanding “Rosnano” in order not to support it from the budget.

For more than 10 years, the corporation was managed by Anatoly Chubais, the former vice-premier of the Russian government. At the end of 2015, a video from the New Year’s corporate party of the state-owned company became popular on the Internet, where Chubais told the audience: “We have a lot of money. There’s just a lot of it.” The press service then stated that he was talking about the financial results of the managing company “Rosnano”.