Alexander Mamut and Bank “Trust” settled claims for the billionaire’s debts

In the near future, the parties will take “formal legal action that will fix the agreements.”

Mamut and Trust have been discussing the debts of the businessman’s companies for several years.

Context:

Alexander Mamut, whose structures own the Cinema Park cinema chain and Vanderkind JSC, was accredited at Otkritie Bank. Using borrowed funds, A&NN Investments Ltd bought Said Kerimov’s Cinema Park cinema chain in 2017, at the same time that Mamut closed the deal to buy Russia’s second-largest cinema chain, Formula Kino, from A1. Assets were estimated at $400-500 million (22.8-28.5 billion rubles at the Central Bank exchange rate on the day the deal was announced) and 9-10.2 billion rubles, respectively. .

In August 2017, the Central Bank reorganized Otkritie, and then the debt of the Mamut structures was transferred to Trust; this bank was also part of the Otkritie group, but the Bank of Russia entrusted it with the role of a structure for working with non-core assets, including with distressed debts of rehabilitated banks.

The main problems with the loans began during the pandemic, when cinemas in Russia were banned. As of the end of 2020, the debt was estimated at 23.5 billion rubles, of which 19.8 billion rubles were owed to Cinema Park and 2.5 billion rubles to Vanderkind.

This amount also included arrears on loans for 1.1 billion rubles, and it is not known how this amount has changed since then. The parties did not disclose the current amount of the debt, as well as the amount of the settlement.