KSG Agro agroholding has signed a memorandum on the restructuring of credits of around $7 million with Ukrsotsbank (Kyiv, the UniCredit Bank trademark).

"We’ve signed the agreement (memorandum) with Ukrsotsbank on the restructuring of existing credits in equivalent of around $7 million. We are thankful to our partners from Ukrsotsbank, who understand the situation in the sector and made the decision using the mutually beneficial scheme of credit restructuring," KSG Agro Board Chairman Serhiy Kasyanov said in an interview with Interfax-Ukraine.

At present, KSG Agro and Ukrsotsbank have started realizing the memo. The conditions of the deal have not been disclosed.

"In 2015 and 2016 we won't make capital investment, while in 2017 we will be able to start doing this. In 2015, we foresaw UAH 20 million, but this is so-called maintenance," he said.

He also said that the debt burden of the company has been estimated at around $30 million. The debt of the company is mainly in hryvnias.