15:08 17.09.2015

Mriya agroholding hopes to finish talks on debt restructuring by late 2015

2 min read
Mriya agroholding hopes to finish talks on debt restructuring by late 2015

Mriya agroholding plans to finish talks on debt restructuring with its creditors by 2016.

"Talks are at the active phase. Agreements have been reached with some creditors… The talks are constructive, but they have not been yet finished. We hope to complete them by the end of this year," Mriya CEO Simon Cherniavsky said at the 6th Large Farm Management international conference in Kyiv on Thursday.

He said that the holding would sow winter crops on 85,000 hectares, including 21,000 hectares with rapeseeds.

He said that he does not know how many sugar refineries of T-Tsukor company will operate this season.

"As far as I know, refineries of T-Tsukor were fully transferred to the management of Prominvestbank. They are trying to launch them," he said.

He said that in 2015, the agroholding will fulfill its liabilities to land owners in full. The holding's land bank is 185,000 hectares.

Mriya was founded in 1992 by Ivan and Klavdiya Huta. It grows wheat, barley, rapeseeds, sugar beet, buckwheat, and potatoes.

In August, 2014, Mriya reported arrears worth $9 million of interest earnings and nearly $120 million of debt held under the company's obligations. Mriya's total debt equaled $1.3 billion when the company's bankruptcy was announced.

Mriya's creditors have not agreed on debt restructuring programs. In January 2015, a temporary liquidator from British Virgin Islands was appointed to run Mriya under a court ruling. Operational control over the agroholding was passed to creditors who elected new top managers of the company.

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