Home
/
News
/

Mriya to offer solution to lenders at Oct. 24 meeting

Mriya to offer solution to lenders at Oct. 24 meeting

23 October 2014

Ukrainian farming company Mriya (MRIYA), which was unable to repay some of its debts last summer, has scheduled a meeting with its creditors for Oct. 24 in Kyiv. Mriya has reportedly prepared a solution that “should enable the fulfillment of obligations before lenders in full,” the company’s Oct. 22 press release stated. The company expects to reach an agreement on debt restructuring, based on the information that it will provide at the meeting, with the hope that it will satisfy its creditors in full. Mriya also stressed in its press release that the solution to be reached should also account for the interests of Mriya’s employees, landlords and clients, and well as the interests of Ukraine’s agricultural sector as a whole.

 

Alexander Paraschiy: The good news is Mriya is ready to propose something after almost three months of uncertainty since its first announcement of a default on Aug. 1. On the flipside, we should not expect that the offer will be generous, given that the company’s total debt (which different sources estimate between USD 1.0 bln and USD 1.2 bln) exceeds its annual operating cash flow by nearly ten times. On top of that, Mriya’s wish to consider the interests of all its clients, some of whom are the related parties who are responsible for the default, looks particularly disturbing.

Latest News

News

23

02/2022

Separatists may claim entire territories of two Ukrainian regions

Russia has recognized “all fundamental documents” of the self-proclaimed Donetsk and Luhansk People’s Republics (DNR...

News

23

02/2022

U.K. to provide USD 500 mln loan guarantee for Ukraine as IMF mission starts

The British government is going to provide up to USD 500 mln in loan guarantees...

News

23

02/2022

MinFin bond auction receipts jump to UAH 3.5 bln

Ukraine’s Finance Ministry raised UAH 3.3 bln and EUR 7.2 mln (the total equivalent of...