LLC "Three O" announces the transfer of the Gulliver complex to the actual ownership and management of a consortium of state-owned banks
The procedure for transferring the Gulliver retail and office complex to the management of a consortium of state-owned banks has been completed. We have already emphasized that we never set a goal to counteract this process in any way, because stability, safety and trust of both employees and partners, tenants and visitors of the complex have always been and remain in the first place for us.
Thus, on July 31, 2025, LLC "Three O" appealed to JSC "Oschadbank" and JSC "Ukreximbank" with a proposal for the immediate acceptance by the state-owned banks of BFC Gulliver under the relevant acceptance and transfer act, along with responsibility for the safety of its visitors, its safe operation and preservation of economic value. Given that the management of large infrastructure facilities is neither a core activity nor the area of competence of state-owned banks, the objective inability of JSC Oschadbank to effectively administer the Gulliver multifunctional complex was expected. Its reaction is also predictable. In particular, we are talking about public accusations of the management company BFC Gulliver of “unwillingness to cooperate” after the complex’s team refused offers of individual “recruitment” and remained true to its obligations and principles.
Throughout the entire time that the technical process of changing managers was ongoing, LLC “Three O” continued to ensure the quality of service and operation of the complex at a level that not only meets the standards of premium-class facilities, but often exceeds them. This was our conscious choice: we could not allow the reputation of one of the best retail and office facilities in the country to suffer, and our tenants and employees to experience turbulence.
For us, the complex is a living organism: with its own team, philosophy, and management system, which has been built since 2006 according to the best global practices. Today, the experience and quality of the complex's management model can be compared to Trump Tower-class facilities. It involves understanding the specifics of the industry, marketing, cultural psychology, and retail experience. All of this is delicate matter that requires not formal but professional understanding.
For example, the court's decision to transfer the complex to ARMA management more than a year ago in no way affected our obligations to the Gulliver complex community. On the contrary, we made every effort to preserve the integrity of the facility, ensure its uninterrupted operation, and prevent asset depreciation, even despite the challenges this created for our team.
Now, the same challenge is facing JSC Oschadbank, which has taken on responsibility for managing the complex. The team of BFC Gulliver sincerely hopes that the results of many years of painstaking work will be preserved and multiplied, and new management approaches will correspond to the scale and complexity of the facility, which requires high professionalism and experience.
In negotiations with JSC "Oschadbank" and JSC "Ukreximbank", we have always adhered to the position of ensuring the best interests of creditors. In particular, LLC "Three O" initiated and repeatedly offered various scenarios to financial institutions, including the transfer of BFC Gulliver to the ownership of banks with subsequent reverse financial leasing until the entire amount of debt is repaid. We were open to constructive dialogue, understanding that the debt arose not due to dishonesty, but as a result of the rapid devaluation of the hryvnia, unfavorable market conditions, and later - full-scale Russian aggression, which significantly affected other areas of business and forced us to restructure operational processes.
The banks are aware that the funds unpaid under the Gulliver BFK loan were directed to the restoration of another collateral object destroyed by the aggressor's strike, which secured obligations to Oschadbank JSC, which allowed the state bank to avoid additional provisions to replace the value of the collateral object, as well as to receive more income in the future to repay the loan secured by this restored object.
Unfortunately, all constructive proposals of LLC "Three O" did not lead to a practical result. LLC "Three O" demonstrated a constructive position and agreed to various conditions proposed by the bank. However, this did not always lead to progress in the dialogue, as the initiative from JSC Oschadbank was often suspended for a long time. It seems that in some periods economic arguments gave way to other motives, and the complex itself probably already had an interested party that influenced the decision-making of the state bank.
While working on the preventive restructuring plan, we involved an international consulting company from the “Big Four”. It conducted a full audit of the complex. According to its conclusions, in the event of bankruptcy or forced sale, creditors can return approximately 30% of the funds within five years. In contrast, the scenarios proposed by LLC Tri O provide for the return of 100% of the liabilities, although in a somewhat longer perspective - up to 15 years. These
