The World Bank Group’s International Finance Corporation (IFC) may acquire three grain storage facilities from Mriya Agro Holding in Ternopil region as part of debt restructuring.
IFC requested respective permits for assets owned by private enterprise Noriia Zakhid, Black Bryony Holdings LLC and Elagri-Derenivka LLC, the Antimonopoly Committee of Ukraine has said.
As reported, Mriya and IFC in May 2017 agreed on the terms of restructuring of the holding’s debt. The parties agreed to split the debt into a secured and unsecured part. They also stipulated terms for restructuring the secured part of the debt. Mriya’s unsecured debt to IFC will be restructured on common conditions for all unsecured creditors.
Mriya’s total debt is $1.087 billion, of which $46 million is loans for working capital, $7 million for leasing of agricultural machinery, $130 million is secured loans, and $904 million is unsecured loans.
After the restructuring, the amount of secured loans will be reduced to $62 million, unsecured ones to $ 213 million.
Mriya is a vertically integrated agro-industrial holding founded by Ivan Huta in 1992. Today, its land bank is 165,000 ha in Ternopil, Khmelnytsky, Ivano-Frankivsk, Chernivtsi, Lviv and Rivne regions. The capacity of its grain storage facilities is estimated at 380,000 tonnes.
