OREANDA-NEWS  On 09 June was announced, that B&N Bank, acting as consultant in the framework of the Consulting Services Agreement with GC “Estar”, signed the Letter of Intent with the group of investors represented by Nikolay Kamyshev, Alexander Butsin, Dmitry Manov and Abukar Bekov for financial rehabilitation of the following metallurgical plants: JSC “ZMZ”, JSC “NMZK”, LLC “VZTMD”, JSC “ETZ” and JSC “Nytva”.

In order to centralize the business activity of the aforesaid plants the parties agreed to establish a new legal entity (as limited liability company). 25,1% stake shall belong to A. Bekov and 74,9% shall be distributed among other investors in equal shares.

Besides, the parties agreed to transfer shares/equity of the above mentioned plants from the actual holders to the investors. The parties also agreed to sell the part of shares/equity to top managers of the plants in the volume not more than 20% in JSC “ZMZ” and 15% in JSC “NMZK”, LLC “VZTMD”, JSC “ETZ” and JSC “Nytva”.

Mikail Shishkhanov, President of B&N Bank, said: “By virtue of the Letter of Intent we have emphasized once again the importance of coordinated action of the investors at implementation of debt restructuring program for the plants. We obligated them to act reasonably and scrupulously without any violation of the law of the Russian Federation or business ethics. B&N Bank will focus its efforts on negotiating the debt restructuring opportunities with the lending banks”.

Likewise, the parties agreed the order of corporate procedures, conditions of the bank’s guarantee and the total amount of indebtedness of the above mentioned plants in the Letter of Intent.