Monday, 20 April 2009

Rudloff Steps Down From Russian Media Company

Dow Jones International News

By Jason Corcoran in Moscow

April 20, 2009

Hans-Joerg Rudloff, chairman of Barclays Capital, is stepping down from the board of Russian media holding company RBC because of a conflict of interest over $18 million in debt owed to him and his friends.

Rudloff, who has sat on the board of the indebted financial news provider since its initial public offering in 2002, told Financial News he could no longer sit on the board and be a significant creditor.

He said: "I can't simultaneously represent the interest of the company and its creditors while the company is being restructured. Together with my family and friends, we are owed $18 million, which is about 8% of the company's overall debt of $210 million."

RBC has been struggling to refinance its debt and defaulted on a 1.5 billion rouble ($45 million) bond last month.

Rudloff said his decision was nothing to do with any outstanding loans to Barclays Capital.

The company, which is being advised by Swiss bank UBS AG (UBS), has been looking for a strategic investor since last summer.

Billionaire oligarch Mikhail Prokhorov has offered to bail out the company in return for a 65% stake. Under a plan drawn up by bankers at Renaissance Capital Group Inc. (RNCG), Prokhorov is offering to buy the majority holding in RBC for $35 million, which will help the company repay creditors and finance its activities.

German financier Rudloff, who is also a director of oil group Rosneft (ROSN.RS), is expanding Barclays Capital's Moscow operation. The investment bank currently has about a dozen bankers in Moscow working in debt capital markets.

Rudloff said: "Eventually we want to have full teams for the full range of equity markets and M&A but it's too early to say how many we are going to recruit."

Barclays' retail banking business acquired Russian lender Expobank in March last year for $745 million. It has rebranded and revamped Expobank's 36 branches in western Russia.


Anonymous said...

Everything is very open with a really clear clarification of the issues.

It was truly informative. Your website is very helpful.

Thank you for sharing!

Take a look at my page diets That work
Also see my web page - diets that work

Anonymous said...

I rarely comment, however i did some searching and wound up here "Rudloff Steps Down From Russian Media Company".
And I actually do have a couple of questions for you if it's allright. Could it be simply me or does it give the impression like a few of these remarks look like they are written by brain dead folks? :-P And, if you are writing on other sites, I'd like to
follow everything new you have to post. Could you make
a list of every one of all your communal pages like your
twitter feed, Facebook page or linkedin profile?

Also visit my page ... Sidney Crosby Black Jersey

Anonymous said...

Very nice post. I just stumbled upon your blog and
wished to say that I have truly enjoyed browsing your blog posts.
In any case I'll be subscribing to your feed and I hope you write again soon!

Here is my homepage -

Anonymous said...

Hey there! I've been following your website for a while now and finally got the courage to go ahead and give you a shout out from Austin Tx! Just wanted to tell you keep up the great work!

My blog post :: helpful resources

Anonymous said...

I think this is one of the most important info for me.
And i'm glad reading your article. But should remark on few general things, The site style is great, the articles is really great : D. Good job, cheers

Feel free to visit my web page ... Louis Vuitton Pas Cher

Anonymous said...

Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog
that automatically tweet my newest twitter updates. I've been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.

Have a look at my web page - Air Jordan

Anonymous said...

Yesterday, while I was at work, my sister stole my apple ipad and tested to
see if it can survive a forty foot drop, just so she can be a youtube sensation.
My iPad is now broken and she has 83 views. I know this is completely
off topic but I had to share it with someone!

my weblog :: Air Max Pas Cher

Anonymous said...

If you want to increase your knowledge just keep visiting this website and be updated with the most up-to-date information posted here.

Also visit my blog ... Cheap NFL Jerseys

Anonymous said...

I pay a visit every day a few web sites and blogs to read
content, but this blog presents quality based articles.

Also visit my web-site: Louis Vuitton Purses Outlet