KYIV, Ukraine, September 27, 2016 /PRNewswire/ --
http://mriya.ua/en/news/detail/mriya-agro-holding-publishes-key-debt-restructuring-heads-of-terms/
The National Bank of Ukraine has expressed support for the restructuring of Mriya Agro Holding's debt before international creditors in the amount of $1.1 billion. National Bank representatives welcomed Mriya's recent efforts to agree debt restructuring Heads of Terms with the Coordinating Committees of Banks and Bonds and said that it was in the best interest of Ukraine as a whole.
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According to the agreed restructuring terms, all unsecured debt of Mriya Agro Holding will be treated equally and fairly in accordance with the pari passu principle in terms both of proposed recovery as well as of post-restructuring instruments. In order to accommodate the constraints of all unsecured creditors, as part of the restructuring, all existing unsecured claims (both of banks and bonds) will be considered according to Loan A/Loan B structure. Once implemented, the restructuring will reduce Mriya's operating group debt to a total sustainable debt level up to US$ 330 m.
According to the National Bank press service, restructuring of MRIYA's debt will become a successful precedent for investor and creditor rights protection in Ukraine, and will clearly demonstrate that comprehensive debt restructuring involving all creditors is possible under Ukrainian law.
Such a consensual and transparent approach to restructuring will not only ensure equal treatment for all creditors, but also become a positive example for other companies operating in Ukraine.
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