Bogdan Motors restructures EUR 42.2 mln of debt

Bogdan Motors (UX: LUAZ UK) and UniCredit Bank AG (Austria) signed an agreement to restructure EUR 42.2 mln of Bogdan’s debt, the former reported yesterday in a press release. The maturity dates of Bogdan’s loans were extended from 2008-2015 to 2013-2019. Vitaly Gorovoy:  This agreement represents about 15.5% of Bogdan’s net debt, based on its total debt of UAH 3.1 bln (EUR 271.5 mln) as of end-1H11. We confirm our bullish view on the stock with target price USD 0.068; 90% upside.