"ONEXIM Bank" completed the restructuring of its debt to creditors on July 3, 2000, paying them 105 million dollars.
According to him, the name "ONEXIM Group" has a hidden meaning: "despite attempts to declare 'ONEXIM' bankrupt, it fulfilled all its obligations to creditors."
The early years of "ONEXIM Bank" were not marked by public attention and were characterized by intense efforts to build capital and expand its client base among the largest Russian enterprises.
However, the decision of the Russian government to "freeze" payments on the domestic public debt and the subsequent rapid devaluation of the national currency severely undermined the financial health of "ONEXIM Bank."
The complete absence of external sources of financing for the debt settlement process (except for assistance from shareholders) led to the development and implementation of a complex scheme for exchanging claims and assets, which, although not able to satisfy all creditor claims, achieved the maximum financial result within the given political and economic conditions.