TLM will make profit after I establish strict control in Management
There are forces that wish the company’s bankrupt, and I advise them that it is poor and that the bankruptcy must not be allowed.
TLM’s (Light Metals Factory) new owner, Russian investor and industrialist Igor Shamis although not on a list of Russian billionaires, still is not an ordinary millionaire. This is the conclusion of certain creditors and business partners of company in Sibenik, who also estimate that the value of this entrepreneur assets is about one billion euros.
Shamis took over this company, before the proceedings of pre-bankruptcy settlement started, formally, for single kuna, the first such case in the private sector in Croatia. The first problems for the new owner showed up in relations with the Management, who accused him for alleged verbal orders for private purposes payments.
Russian entrepreneur is shocked by the lies, insinuations and rumors about him. He said that it is not what he expected, and that he is affected, but doesn’t intend to leave TLM. He hopes that current director will resign, and after he appoints new Management, he will establish strict control.
When asked whether he planned to take TLM overnight, he replies that everything he does, he does it fast. Due to the fact that for many years he’s been restructuring stumbled companies, Shamis believes that personal attacks on him should finally stop. His strategic goal is to restructure the TLM and to achieve production that will make a profit, and if they continue to engage in gossips instead of starting with constructive discussions, there will be no economic growth
In order to come up with solutions that are needed for industrial development, discussions with the Ministry of Economy were initiated. Minister does not lobby for the interests of private companies: his interest is the economy, and it is clear that he can lobby only for state interests, but in this position he is responsible for the development of the industry.
When asked whether he is asking the State for aid he replies that he does not need it because, in this case the negotiations with creditors are key to a restructuring plan, and that he expects their cooperation, because bankruptcy of TLM does not help anyone. He intends to complete documentation, needed for restructuring plan , by the end of April. Immediately upon arrival, he started the production in TPP, which lasted for months and which, due to certain reasons, was forced to stop, and will not be restarted again until he takes the company in his own hands.
In order to make profit, Shamis should provide the necessary quantity production and high revenues of processing. Factory has the capacity to produce between 100 and 110 thousand tons of hot-rolled strips per year. It will be processed into the product which will achieve maximum revenue in the market. He estimated that with a production of only 82,000 tons per year, they can achieve gross profit of 14 million euros. Cost analysis is not over yet, but the separation of productive costs from those non-productive, has shown that there is far more non-productive costs. Shamis intends to make strict control of these costs. It is needed about 12 million euros per month for the purchase of raw materials needed for the production.
His goal is to enable creditors to vote approval for restructuring, with the duration of 10 years, which will ensure sufficient production that will bring profit to the company. There are some forces who want for company to bankrupt, but Shamis will do his best for it not to happen, he also does not intend to lay off workers.
As an investor, he will ensure the investment capital for modernization of TLM, as well as the guarantees to banks for the working capital needed for the operation of the factory. So far they had negotiated only with Sberbank. They hope for cooperation with them as well as for cooperation with some other banks. He believes that creditors should be paid the money they borrowed to TLM, for it is not their fault the company was misguided.
Shamis’s first job was related to copper, and in 1994 he took over his first factory in Russia that produced steel, and worked on many large projects. After that he took over steel plant in Czech Republic. He denies rumors that the Czech factory owes 180 million euros to 350 suppliers. Steel foundries have been in crisis since 2008, but in 2,5 years, they haven’t stopped with the production even for a day, nor delayed the salary payment for 1000 workers. Today, factory operates with 50% capacities, but in 2016 the production will increase.
Source: Poslovni dnevnik
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