13 July 2010
Finance & Credit Bank paid USD 23 mln of a USD 112.5 mln syndicated loan, Deputy Chairman Sergei Borisov said yesterday via a press release on the bank’s Web site. According to Borisov, the payment was part of negotiations to restructure the bank’s external debt. Borisov said he expected restructuring agreements with creditors to be signed over the next three weeks. In March, F&C announced it was seeking to restructure over USD 100 mln in debt by increasing interest rates and adjusting its repayment schedule, without writing off any of the principal.