June 21, 2016 | Cbonds
|MRIYA Agro Holding and Alfa-Bank Ukraine entered into the agreement on restructuring of a $30M secured loan. The agreement will enable MRIYA to settle its overdue liabilities under the loan issued by Alfa-Bank Ukraine and service the debt on a scheduled basis. The agreement will be implemented by the end of 2016. The part of debt remaining after restructuring is expected to be repaid within 5 years. |
“We would like to thank Alfa-Bank Ukraine for cooperation and constructive dialogue. This agreement is a milestone for MRIYA, as it is the first official document signed within debt restructuring process. We consider it as a positive message to our other creditors and, along with secured working capital facility, recently obtained by the company, as another important step towards MRIYA rebuilding. We continue negotiations with our creditors and hope to reach mutual agreement with all of them out of court proceedings,” noted Simon Cherniavsky, CEO of MRIYA Agro Holding.
“We are happy to have reached an agreement with MRIYA. Sufficient security for our loanplayed a significant role in this. The agreements reached showcase the fact that compromises are possible even in the current difficult economic environment,” remarked Alexander Lukanov, President of Alfa-Bank Ukraine.
MRIYA Agro Holding is a vertically integrated agroindustrial holding founded in 1992. Today, the company’s land bank amounts to 180,000 hectares located in Ternopil, Khmelnitskyi, Ivano-Frankivsk, Chernivtsi, Lviv, and Rivne regions. The Agro Holding cultivates wheat, sunflower, potatoes, corn, soybeans, rapeseed, barley, peas, buckwheat, and sorgo. MRIYA owns and uses elevators and granaries with a total capacity of 600,000 as well as a seed plant with production capacity of 300 tons per day. After the technical default announced in August 2014, control over the Agro Holding was transferred to its creditors – primarily large international banks and investment funds.
Alfa-Bank Ukraine is a large Ukrainian commercial bank with international capital, part of private investment holding company ABH Holdings SA (ABHH) headquartered in Luxembourg. The holding company has investments in a number of banking groups operating in Europe and the CIS, specifically in Ukraine, Russia, Kazakhstan, Belarus, and the Netherlands.
ABHH’s owners include Michaіl Fridman (Михаил Фридман) - 36,47%, German Khan (Герман Хан) - 23,27% (both are citizens of Israel residing in London), Aleksei Kuzmichev (Алексей Кузмичев) - 18,12%, Petr Aven (Петр Авен) -13,76%, Andrei Kosogov (Андрей Косогов) - 4,08% (all three are Russian citizens residing in Moscow), as well as The Mark Foundation for Cancer Research - 4,03%.
The National Bank of Ukraine classifies Alfa-Bank Ukraine within the group of “banks of foreign banking groups”.
Company: Mriya Agro Holding
|Full company name||Mriya Agro Holding|
|Country of risk||Ukraine|
|Country of registration||Cyprus|