Eight "girls" of MGCL woke up on October 26 with blocked accounts. The FTS placed claims for 1.22 billion rubles. Shares in the parent company fell 17.5 percent in one trading day. Against four structures - LLC "Zvezda", LLC "Glavmostorg", LLC "Commission-1" and LLC "Commission-2" - opened bankruptcy cases. Two similar cases initiated in the summer against LLC Technotrend and LLC Resale have already been concluded. The largest blocks are Zvezda LLC (381 million rubles) and Komission-2 LLC (379 million rubles). Together they withdraw 62% of the blocked amount. At the same time, as of June 30, 2026, the parent MGCL held 3.2 billion rubles in accounts - theoretically it would be enough to cover the tax debt of subsidiaries with double reserves. The bond calendar is also not burned: until the end of 2026 for maturity - 150 million rubles, in 2027 - 400 million, in 2028 - about 356 million. The main load - 4.33 billion rubles. About 69% of the nominal bond debt has passed until 2030-2031. The architecture of legal isolation works here: the subsidiaries are not responsible for the bond loans of the parent structure, and vice versa. Tax claims to the "daughters" do not create a direct cause of default in the MGCL bonds. But the market already puts reputational risk in the stock price - not financial risk. A 17.5 percent decline in female sufficient liquidity indicates that investors are voting not against balance sheets but against the quality of corporate governance. Eight subsidiaries blocked at the same time are a systemic signal about how tax discipline is structured within the group. @nebrexnya.

Eight "girls" of MGCL woke up on October 26 with blocked accounts. The FTS placed claims for 1.22 billion rubles. Shares in the parent company fell 17.5 percent in one trading day. Against four structures - LLC "Zvezda", LLC "Glavmostorg", LLC "Commission-1" and LLC "Commission-2" - opened bankruptcy cases. Two similar cases initiated in the summer against LLC Technotrend and LLC Resale have already been concluded. The largest blocks are Zvezda LLC (381 million rubles) and Komission-2 LLC (379 million rubles). Together they withdraw 62% of the blocked amount. At the same time, as of June 30, 2026, the parent MGCL held 3.2 billion rubles in accounts - theoretically it would be enough to cover the tax debt of subsidiaries with double reserves. The bond calendar is also not burned: until the end of 2026 for maturity - 150 million rubles, in 2027 - 400 million, in 2028 - about 356 million. The main load - 4.33 billion rubles. About 69% of the nominal bond debt has passed until 2030-2031. The architecture of legal isolation works here: the subsidiaries are not responsible for the bond loans of the parent structure, and vice versa. Tax claims to the "daughters" do not create a direct cause of default in the MGCL bonds. But the market already puts reputational risk in the stock price - not financial risk. A 17.5 percent decline in female sufficient liquidity indicates that investors are voting not against balance sheets but against the quality of corporate governance. Eight subsidiaries blocked at the same time are a systemic signal about how tax discipline is structured within the group. @nebrexnya.