Bank “Trust” plans to enter bankruptcy proceedings against “Vanderkind”
The Hamley’s chain of stores in Russia is suspected of being insolvent. Bank “Trust” is seeking to bankrupt it due to a debt of about 3 billion rubles. The bank hopes to resolve the long-standing legal dispute with the company of Alexander Mamut. Lawyers believe that grounds for the insolvency application may arise after a series of court proceedings.TrustBank of non-core assets reports its intention to file for bankruptcy of JSC Vanderkind, the manager of Russian stores of the international chain of children’s toys stores Hamley’s. Wonderkind, a part of the Ideas4Retail group of companies, is involved in the bankruptcy process. In 2019, 90% of Ideas4Retail was owned by A&NN Investments, led by businessman Alexander Mamut. The company holds exclusive rights to develop the Hamley’s chain of stores in Russia.
In the press serviceTrusta spokesperson informed Kommersant that the bank’s decision was due to the borrower’s failure to fulfill its obligations under the loan agreement and the lack of alternative options for settling the debt.
Ideas4Retail and A&NN Investments executive director Nadezhda Ermakova did not respond to Kommersant’s request.TrustBased on SPARK-Interfax data, JSC Vanderkind’s revenue in 2021 was 991 million rubles, with a net profit of 20 million rubles. In 2017–2020, the company operated at a loss.
As of today, the Russian Hamley’s website shows only two points of sale: in the Oceania shopping center in Moscow and the MoreMall in Sochi. Additionally, since the beginning of 2023, Hamley’s stores in four Moscow shopping centers have opened under a new name – Winnie, according to Kommersant. Ideas4Retail also operates a chain of children’s goods stores under the Winnie name. In January, the Hamley’s flagship store in the Central Children’s Store (TsDM) on Lubyanka was also closed, as reported by Kommersant on January 16.
Since 2021, “Trust” and Wonderkind have been involved in litigation related to the credit line agreement signed in February 2017. The courts dismissed the claims to recover about 2.6 billion rubles from “Vanderkind” as well as almost 499 million rubles in overdue principal obligations.
At the same time, in July 2021, at the suit of Vanderkind and Alexander Mamut, the court postponed the payment of a mandatory loan installment of 500 million rubles until the end of 2022. At the end of January this year, the Moscow Arbitration Court extended the contract until the end of 2024. Moreover, in December 2022, the courts in two instances granted the claim of “Vanderkind” to recover about 1.5 billion rubles for losses due to the bank’s refusal to continue lending.
Starting in 2021, “Trustand Wonderkind are litigating related to the credit line agreement signed by the parties in February 2017. Thus, the courts dismissed the claimsTrusta” to recover from “Vanderkind” about 2.6 billion rubles. loan debt, as well as almost 499 million rubles. overdue principal obligations.
At the same time, in July 2021, at the suit of Vanderkind and Alexander Mamut, the court postponed the payment of a mandatory loan payment of 500 million rubles. until the end of 2022. At the end of January this year, the Moscow Arbitration Court again extended the contract until the end of 2024. In addition, in December 2022, the courts in two instances satisfied the claim of “Vanderkind” to recover from “Trusta” about 1.5 billion rubles. losses in the form of lost profits due to the bank’s refusal to continue lending.
Given these circumstances, the court may refuse to satisfy the application “Trusta” about declaring “Vanderkind” insolvent, considers NSP lawyer Aram Grigoryan. Lawyer and partner of K’AMELAWT legal boutique Anastasia Shamshina also does not rule out that the company’s bankruptcy case will probably be postponed until the court of cassation decides on the Vanderkind’s claim to recover 1.5 billion rubles from the bank.
Now the Moscow Arbitration Court is considering another claim “Trusta ”- on the recovery of 2.4 billion rubles from Vanderkind. A hearing in the case has been scheduled for February 16. If this lawsuit is satisfied and the defendant does not repay the debt, then the bank will already have grounds for filing an application for declaring the debtor bankrupt, says Irina Kaplun, a lawyer at the Intellectual Capital Law Office.
At the same time, Wonderkind is now trying to show that it has no outward signs of insolvency, Aram Grigoryan believes. This, according to him, is indicated by the fact that the company is trying to settle smaller claims, for example, with the Central House of Music at Lubyanka. In the case of the introduction of bankruptcy proceedings, the lawyer concludes, “Trust» will be able to sell pledges of shares and property of the company at the auction or keep the pledged property for himself if the auction is declared invalid.
