KSG Agro, Credit Agricole Bank sign letter of intent to restructure $3 mln debt

16:37, 05.05.2016 1 min read

KSG Agro S.A. (Luxembourg) with assets in Ukraine has signed a preliminary letter of intent with Credit Agricole Bank (Kyiv), related to restructuring a total debt of $3 million.

According to a company report on the website of the Warsaw Stock Exchange, a memorandum for debt restructuring in 2016 and subsequent years was signed in the first quarter of 2016.

Credit Agricole Bank in 2015 filed a claim with the requirement to repay the debt, which as of December 2014 was $3.051 million, as well as $920,000 of additional payments (fines, penalties, interest for the first half of 2015, etc.).

As reported, Credit Agricole Bank opened a multicurrency credit line of UAH 24 million to KSG Agro for three years.

KSG Agro at the beginning of April 2016 signed preliminary letters of intent with international lenders (including export credit agencies, banks and international suppliers), related to restructuring a debt for a total of about $20 million.