Vostok Transit may buy Perm Lubricants and cutting fluids factory

OJSC Sberbank of Russia, the principal lender for OJSC Perm Lubricants and Cutting Fluids Factory, holding about 57% of the company’s voting shares, has found a potential buyer of this asset.
According to the Kommersant, the asset may be sold to Vostok Transit LLC (Tolyatti). On August 19, the company applied to the commercial court of Perm Krai for registration as a creditor of the enterprise, which is currently undergoing bankruptcy proceedings. Vostok Transit LLC is co-owned by Samara businessmen Nikolay Volkhin and Alexander Polegeshko. The transaction means the assignment of the company’s collateralized debt for RUB172.74 million (USD5.42 million), payable to Sberbank. The application was to be reviewed on September 19.
The property disposal procedure and terms have not been finalized yet.
OJSC Perm Lubricants and Cutting Fluids Factory produces gearbox, rolling and washing oils, grease lubricants, cutting fluids and car care products. The enterprise is on the list of strategic companies whose privatization requires a special executive order of Russia’s president. In 2008, the company’s share in the lubricants and cutting fluids market in Russia and CIS countries was 14%.
(August 28, 2013)