Russian pipe maker Pipe Metallurgical Company TMK announced that due to the current instability in the financial markets, the company has decided to cancel the reorganization of its subsidiaries VTZ JSC and ChTPZ PJSC, under which it was previously planned to spin off VTZ Pipeline Solutions LLC and ChTPZ Pipeline Solutions LLC with a simultaneous merger with TMK Pipeline Solutions LLC, as well as spin-off of ChTPZ Seamless Pipes LLC with a simultaneous merger with SmartMet LLC.TMK had announced reorganization on 7 February 2022 to increase the efficiency of TMK Group's business, improve its financial condition and corporate structure within the target business divisions, focus management efforts on its main strategic areas of activity, and attract new investors to the identified business areas. The same applies to VTZ JSC and ChTPZ PJSC, which will continue to be the key assets of the Group, continuing to fulfill all their obligations to partners, financial institutions, the state and employees.TMK TR and SmartMet will own and manage the entire supply and sales chain of their products that exists today at TMK. In addition to production capacities, all competencies, know-how, the quality management system, as well as all technical and managerial personnel of the plants and the TMK management company related to the respective business segments will be transferred to the new companies.The main objective of TMK TR will be the full implementation of synergies from the merger of the LDP business of the TMK Group and the former ChTPZ Group. All this will allow TMK TR to become the leader of the Russian market in its segment.As part of the reorganization, PJSC ChelPipe engaged Bank GPB as an agent for interaction with bondholders of PJSC ChelPipe, LECAP as a legal advisor, and LCPIS as an agent for interaction with bondholders-individuals.
Russian pipe maker Pipe Metallurgical Company TMK announced that due to the current instability in the financial markets, the company has decided to cancel the reorganization of its subsidiaries VTZ JSC and ChTPZ PJSC, under which it was previously planned to spin off VTZ Pipeline Solutions LLC and ChTPZ Pipeline Solutions LLC with a simultaneous merger with TMK Pipeline Solutions LLC, as well as spin-off of ChTPZ Seamless Pipes LLC with a simultaneous merger with SmartMet LLC.TMK had announced reorganization on 7 February 2022 to increase the efficiency of TMK Group's business, improve its financial condition and corporate structure within the target business divisions, focus management efforts on its main strategic areas of activity, and attract new investors to the identified business areas. The same applies to VTZ JSC and ChTPZ PJSC, which will continue to be the key assets of the Group, continuing to fulfill all their obligations to partners, financial institutions, the state and employees.TMK TR and SmartMet will own and manage the entire supply and sales chain of their products that exists today at TMK. In addition to production capacities, all competencies, know-how, the quality management system, as well as all technical and managerial personnel of the plants and the TMK management company related to the respective business segments will be transferred to the new companies.The main objective of TMK TR will be the full implementation of synergies from the merger of the LDP business of the TMK Group and the former ChTPZ Group. All this will allow TMK TR to become the leader of the Russian market in its segment.As part of the reorganization, PJSC ChelPipe engaged Bank GPB as an agent for interaction with bondholders of PJSC ChelPipe, LECAP as a legal advisor, and LCPIS as an agent for interaction with bondholders-individuals.
