XXI Century restructures USD 32.7 mln in debt to Ukrsibbank

XXI Century (AIM: XXIC LN) announced that multicurrency loans totaling about USD 32.7 mln provided by Ukrsibbank to subsidiaries wholly owned by XXI Century had been restructured, the company reported in a press release yesterday. Liabilities amounting to USD 12.1 mln were cancelled on the condition XXI Century immediately repay USD 16.6 mln in loans and repay an additional USD 4.0 mln before May 12, 2012. In order to fund repayment of this amount, XXI Century sold its shopping centre, Kvadrat Lukyanivka, to Monkar Limited (Cyprus) for USD 14 mln and also executed an option agreement that enables XXI Century to repurchase Kvadrat Lukyanivka in the fifth year following the date of sale. XXI Century said the agreement eliminates the high risk of it losing four attractive sites in Kyiv, Sevastopol and Lviv, where it plans to develop shopping centers.