As it became known “Kommersant”, the government approved the program of financial recovery of the United shipbuilding Corporation, the total amount of bad debts which amounted to 68 billion rubles According to “Kommersant”, the Corporation will be allocated from the budget of 30 billion rubles, and loans for another 38 billion roubles will be restructured. Experts believe that in exchange, the Corporation must assume the obligations under the contract and production optimization.As it became known“”, within the framework of financial recovery of enterprises of the military-industrial complex resolved at the United shipbuilding Corporation (USC). According to interlocutors, “b”, of the 68 billion rubles of bad debts of a Corporation 30 billion rubles will be allocated from the budget for the recapitalization, and credit of 38 billion roubles will be restructured. At USC the topic don’t comment. In the office of the Vice-Prime Minister Yuri Borisov, “b” confirmed that the program of financial rehabilitation of the Corporation considered and approved by the state Commission refused to comment on its details. The Ministry of Finance request “b” was forwarded to the Ministry of industry, where declined comment. In VTB, “Kommersant” reported that the debt of the USC to the Bank transferred to the PSB, which has become the reference Bank of the defense industry in the government deadlines. Other banks on request “b” did not answer.In July 2019 Yuri Borisov said that the debt load of enterprises OPK more than 2 trillion rubles, and offered to deduct them 700 billion rubles of credits. Among these companies are called United aircraft Corporation (UAC), USC, “Uralvagonzavod”, “Almaz-Antey”, United engine Corporation “Roscosmos”. Against the proposal were the large banks, but after a closed meeting with the President of the Russian Federation in the end of 2019, the head of VTB Andrey Kostin said that “the problem solved”. “There is active participation of the budget and preferential restructuring from leading banks also provided, but it is feasible”, he said. In early March Yuriy Borisov said that of the 750 billion rubles of credits OPK almost half must be deducted, and the remainder restructured for 15 years at 3% per annum in accordance with the decision taken at the end of 2019 at a closed meeting with the President of the Russian Federation. On may 13 the meeting with the President, is dedicated to supporting the aviation industry Yuri Borisov said that the approved program of improvement of the KLA, the problematic debts of which 400 billion rubles. the Net profit of the USC in accordance with IFRS for the year 2019 was reduced by almost 4.5 times, to 508 million rubles, revenue grew 3.3% to 336 billion rubles Size of the attracted credits and loans grew by 3% to 151,9 billion rubles, the Corporation reduced by 40% current portion of debt — up to 50 billion rubles According to the latest available data for the year 2018, the weighted average�� rate on the loan portfolio USC was reduced by 2.3 percentage points, to 9.37%.According to “Kommersant”, from the mass of loans the Corporation chose the most problematic by 68 billion rubles. and asked the government to write off or restructure them. In an interview with “Kommersant” on 19 December 2019, the head of the USC Alexey Rakhmanov did not refute that amount. Then he said that bad loans of the Corporation or arose from events that occurred prior to 2014, or was “historic”, and the necessary substitution has not occurred.Kommersant’s sources find it difficult to name the enterprises of the USC, got into a recovery program. They note that with rare exception, the accumulated losses of previous years and, accordingly, attraction of credits on the cover are typical for all plants inherited OSK from private owners. The most acute situation with debts of the shipyards in the far East, primarily from the Amur shipbuilding plant (ASP), which in 2019 asked about the capital increase of 14 billion rubles, and in Khabarovsk plant. In addition, the recapitalization has repeatedly told the management of Vyborg shipyard, which is due to accumulated debt load 8.5 billion. the problems started with the execution of the current orders for the construction of fishing vessels (see “Kommersant” on March 6). The problem of accumulated losses of previous years may be relevant for the St. Petersburg Baltzavod and “Northern shipyard”, which until 2012 were in the financial and industrial group of the disgraced oligarch Sergei Pugachev, owner of bankrupt Mezhprombank. In addition, to help can claim and the Baltic “amber”, which earlier together with the NEA was part of the Concern of medium and small tonnage shipbuilding Mikhail Heifetz, who emigrated to Israel.Kommersant’s sources in the shipbuilding industry say that in the current situation, enterprises have a considerable part of its earnings to pay interest on loans. It often happens that the total liabilities because of the growing debt burden exceed assets, which leads to a shortage of own funds and issues payments to suppliers and contractors, they say. In addition, the problems are growing because of the devaluation of the ruble, the sanctions, the increase in terms of building ships and underfunding. To repay the loans at current interest rates, profitability of orders should be not less than 10%, but in reality it is about 3-5%, says one of Kommersant’s sources.Partial debt write-off and restructuring will facilitate the life of plants, but the problem of low profitability will not solve, says the interlocutor of Kommersant in the industry. Lack of funds will remain, but will release the credit limit that you can take a new loan, he says. Another source also fears the decision to write off debts, not all businesses are “forced to work effectively”. Importantly, the process does not start anew and loans continued to grow, he adds.The head of Infoline-Analytics Mikhail Burmistrov believes that it is critical that the program of recapitalization and restructuring was linked to a set of specific crisis and optimization measures at the shipyards of USC, as well as execution of contracts and transfer of built ships to customers.Anastasia Vedeneeva