KSG Agro S.A. (Luxembourg) with assets in Ukraine seeks to cut its debt to almost $42 million by the end of 2016, while the indicator was $46.1 million late 2015 and $65.3 million late 2014.

“Efficiency this year mainly depends on the fluctuations of the [hryvnia] exchange rate. If the exchange rate remains at around UAH 25/$1, we could see net profit this year,” the holding’s press service reported, citing Director General Serhiy Mazin.

He said that the target for 2017 is to reduce the debt to $39-40 million.

He also said that a letter of intent to restructure the debt of $18 million for the period of 10 years has been signed with main creditors of the company.

“Our foreign creditors selected Baker & McKenzie law firm and started preparing documents… This work will be completed in three or six months,” he said.

KSG Аgro is a vertically integrated agricultural group, working in almost all the segments of the agricultural market, including the production, storage, processing, and sale of agricultural products. The total arable land leased by the company is around 63,000 hectares.