Total debt GC “PIK” after receiving a loan from the “Savings Bank” will reach 50 billion rubles
“PIK” announced the results of debt restructuring. As of June 30, 2009 CC PIC debt consists entirely of short-term liabilities amounted to 44.86 billion rubles ($ 1.43 billion). The main tasks of the group companies have been the extension of maturities of all debt, obtaining deferral of principal repayment and reducing its size by selling assets, the report said peak.
In August 2009, Sberbank - the largest creditor of the Civil Code PIC - agreed to restructure the current debt and provide new funding of $ 12.75 billion rubles subject to certain requirements, the main ones were: obtaining government guarantees and restructuring of the 80% balance of the debt CC PIC (excluding Bank”s loan in the amount of $ 262 million). 9 and 16 December 2009 “PIK Group entered into a contract to provide government guarantees totaling $ 14.375 billion rubles for up to 21 November 2014. December 23, 2009 GC has completed the restructuring of the balance of 83% debt and thus complied with the requirements of the Savings Bank of Russia.
In 2009, the PIC has implemented non-core assets to repay the debt by crediting the amount of about 6,9 billion rubles.
89% debt “PIK” has support in the form of assets GC CIP, including land, manufacturing facilities, surety companies in the CC PIC, and shares /shares of subsidiaries.
Sberbank CC PIC offers new credit line of up to 12.75 billion rubles to finance construction projects group. CC PIC plans to use the credit of the Savings Bank during 2010 to complete the construd80ction started and launching new projects.
Following receipt of funds from the Savings Bank the total amount of debt CC PIC will be 50 billion rubles (about $ 1.67 billion at current rates). Of these, 72% - ruble debt. The effective average interest rate on the loan portfolio CC PIC is 10,9% - in U.S. dollars and 15,7% - in rubles. In 2010, the CC PIC will pay about 4.6 billion rubles per cent (including estimated amount of interest on the loan, Nomos Bank “) subject to lower rates in the grace period on a number of credits.
Group plans to provide information on the amount deposited with the objects in 2009 at the beginning of February 2010.
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