The talks upon the restructuring of the secured debts worth USD 130mln of the Mriya Agro Holding have come to an end, told Simon Chernyavskiy the CEO of Mriya Agro Holding. The amount totals the largest part of the company's secured debts, and Mriya is arriving to a safe harbor on the issue.
The total debts of Mriya Agro Holding amount to USD 1.087bn of which USD 46mln accrue to the company’s working capital, USD 7mln are leasing payments for the agricultural machinery, USD 130mln represent the secured borrowings, and USD 904mln constitute fiduciary debts.
As a result of the restructuring, the sum of the secured debts will reduce to USD 62mln, and the unsecured debts will amount to USD 213mln. The compromised decision on the issue of the unsecured debts will have been reached by the spring 2018, believes Simon Chernyavskiy. At this, debts worth USD 63mln were written off thanks to to the successful work delivered by the company lawyers and financial experts.
The total debt can be at USD 330mln after the restructuring. At this, debtholders will be invited to swap USD 700ml into equity.
Thus, the restructuring implies changes like registering of the holding company in London, a sub-holding and a trading company in Cyprus, and reduction the number of companies in Ukraine down to the total of 25.
