Russian President Vladimir Putin considers the situation with the accumulated debts of the state corporation Rusnano to be difficult, but the company’s management has carte blanche to solve the problems. He stated this today during a large press conference.
“I must say that Rusnano is, in fact, a venture capital company. I was one of the initiators. It is clear that some of the projects have been implemented, some have not, but these are risky investments, so the state went to ensure the work with its own guarantees. But it is the company that needs to work with creditors, ”the head of state said.
In his opinion, Rusnano is, on the whole, a viable company, but “state guarantees must be fulfilled,” but the process of solving problems must proceed calmly, and the corporation “must work in the market.”
As a reminder, on November 19, the state-owned company Rusnano, which specializes in investments in nanotechnology projects, warned creditors about the accumulated “disproportionate debt”. Company representatives also spoke in favor of mandatory adjustments to their financial model.
In “Rusnano” noted that they discussed “options to avoid the most negative scenarios.” On the same day, at the request of the Central Bank of the Russian Federation, the Moscow Exchange stopped trading in all of the company’s bond issues. Market participants and analysts are discussing whether Rusnano can default on its debt obligations.
Later, the RF Ministry of Finance assured that the authorities are working out mechanisms to increase the efficiency of the state corporation Rusnano, in which they are considering scenarios for debt restructuring. “At the moment, the Russian government is working on mechanisms to improve the efficiency of JSC” Rusnano “, including the withdrawal of the company from the historical project portfolio,” the ministry said in a statement.
“None of the options under consideration to improve the efficiency of the company does not provide for the failure to fulfill the company’s debt obligations secured by state guarantees,” the Ministry of Finance said.
Source: Rosbalt
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