Westa restructures USD 43 mln in loans

Westa ISIC (WES PW), the CIS’ leading battery producer, said last Friday it restructured USD 46 mln in loans from Ukrainian banks. According to the company, repayment was shifted from 2012 to 2015-2016.  

Alexander Paraschiy: Westa sold its trading subsidiary Techkomplekt in late 2011 and in doing so effectively decreased its outstanding debt by USD 121 mln. We estimate the company had to divest part of its liquid assets to facilitate the deal, thus partially washing out its working capital. Therefore, the restructuring of loans payable in 2012 will allow the company to focus on rebuilding necessary working capital and secure its liquidity this year.