JSC “Research and Production Corporation “Uralvagonzavod” and JSC “Alfa-Bank” entered into a settlement agreement
JSC “Research and Production Corporation “Uralvagonzavod” and JSC “Alfa-Bank” entered into a settlement agreement within the frame of arbitration proceedings on debt recovery of Uralvagonzavod affiliates – JSC “ChTZ-URALTRAC” and JSC “Uraltransmash”.
The corporation itself was not a borrower of the bank.
The respective settlement agreements that regulate the terms of repayment and restructuring of the loan have been approved by the commercial courts of the Sverdlovsk region and the city of Moscow on the 28th and the 30th of September, 2016.
The principal repayment on loan contracts with JSC “Alfa-Bank” of Uralvagonzavod affiliates is made on account of the loan by JSC “Gazprombank” which has been a key strategic business partner of Uralvagonzavod in recent years. The efficient policy of Gazprombank allows it to maintain stable performance and development of the domestic engineering industry enterprises.
The funds are loaned to Uralvagonzavod enterprises by Gazprombank for the period of 5 years and are secured by state guarantees of the Russian Federation. The provision of state guarantees for loans issued by Gazprombank is approved by the Interagency Monitoring Commission for the financial and economic performance of the military-industrial complex organizations – the producers for the State Defense Procurement.
“Uralvagonzavod” Corporation is an A-rated borrower based on the results of 2015. Net profit for the first eight months of 2016 amounted to 8 billion 114 million rubles. The export product portfolio of the corporation exceeds 300 billion rubles.