The Antimonopoly Committee of Ukraine has permitted the International Finance Corporation (IFC) from the group of the World Bank to acquire three elevators of Mriya agroholding in Ternopil region as part of the debt restructuring.
According to the decision of the committee posted on its website, the permit was given to IFC to buy assets belonged to Noria West private enterprise, Black Bryony Holdings LLC and Elagri-Derenivka LLC.
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.
