Agricultural holding Mriya agreed on the restructuring of collateralized loans. About this presentation of the company’s activity in 2017, said General Director of Mriya Simon Cherniavsky, the correspondent LIGA.net.
“We have completed the restructuring of the secured portion of the debt. We are now in the security zone on these loans,” he said. According to Cherniavsky, to reach a compromise on the unsecured part of the debt, the company is planning to spring 2018.
In addition, the CEO of Mriya added that the $63 million debt, the creditors of Mriya forgiven . “The 6% left the portfolio of our debt. It is the result of work of our team of financiers and lawyers,” he said. The total debt load Mriya after the restructuring, according to Cherniavsky, will be $328 million
According to the CFO of Mriya Tone of Hulse, recently Mriya failed to agree on debt restructuring in the amount of $19 million to Alfa-Bank. The financial institution agreed to execute a lease agreement for assets held by the Bank pledged as security – Elevator and starch factory. “For five years by the lease payments we have to pay the debt to alpha-Bank”, – said the CFO of Mriya. He also said that the agreement signed with the International Finance Corporation.
According to him, in the course of restructuring, secured creditors, among which 30 lenders Mriya companies, only five, will receive an individual for each condition of restructuring. 25 unsecured creditors will receive standardized restructuring terms. In addition, about $700 million of debt will be converted into shares, which will be divided among the creditors in proportion to the shares of debt, and creditors will become owners of the company. Thus, the owners of Mriya will be foreign investment funds, national and international banks and financial institutions.
Today debts Mriya $1087 million $46 million working capital, $7 million leasing of agricultural machinery, $130 million of loans and $904 million – neobespechenie loans. After restructuring the amount of the secured loans will be reduced to $62 million, unsecured – up to $213.
In addition, as a result of restructuring will change the structure of the company. “This will create a holding parent company in London MriyaFarmingLimited, subholdings and trading company in Cyprus. The number of companies in Ukraine will be reduced to 25,” said Hulse.
Cherniavsky added that Mriya for the first 10 months of the current year transferred to the budget of 233 million in taxes. For the year this amount will increase, he said, to $391 million.
Recall, the net loss of agricultural holding Mriya at the end of last fiscal year was $314,8 million
Mriya operates on the Ukrainian market since 1992. Since 2008 the company shares are traded on the platform of the Frankfurt stock exchange. At the end of 2013, the agricultural holding has received a net profit of $88.5 million, which is almost two times less than in 2012.
In August 2014, Mriya reported overdue payment of about $9 million of interest income and $120 million in debt on its obligations. Total debt Mriya in front of all financial creditors with regard to safeguards, provided a family-related Guta companies, at the time of default was approximately $1.3 billion.
In January 2015 operational control over the agricultural holding is transferred to the creditors who elected the new leadership of the company.