Ukrproduct Group, Ukraine's large producer of packaged butter and processed cheese, did not make the principal payment of EUR 300,000 under the terms of its loan agreement with the European Bank for Reconstruction and Development (EBRD) in March 2015 due to hryvnia devaluation.

According to a company report on the website of the London Stock Exchange (LSE), Ukrproduct is in negotiations with EBRD to vary the terms of the loan and anticipates reaching agreement in the next two months.

Publication of the company's annual results for the year ended December 31, 2014 will follow the successful conclusion of these negotiations.

As reported, EBRD in 2011 issued a EUR 11 million loan to the company to finance energy efficiency and reduce emission at Starokonstantinovskiy Molochniy Zavod.

Ukrproduct manufactures dairy products under the trademarks of Nash Molochnyk, Narodny Produkt, Vershkova Dolyna, and others.