Mriya allocates 93,000 ha for winter crops in 2017

Ukrainian farming company Mriya (MRIYA) has launched its 2016-2017 winter sowing campaign, the company announced on August 22. It will sow 93,000 ha with winter crops, an 8% yoy increase, of which 70,000 ha will be sown with wheat (+7% yoy), 20,000 ha with rapeseed (nearly flat yoy) and 3,000 ha with barley and rye.

Roman Topolyuk: Having started its sowing campaign, Mriya is continuing its normal operating activity after recently securing another tranche of working capital funds of USD 14 mln in July from existing bondholders. Yet Mriya is operating only as a result of the direct support of its creditors. The finalization of the restructuring of its USD 1.17 bln debt, including a sizable debt haircut, is still among the priorities on its agenda, which could ensure the sustainability of its business. At this stage, we abstain from rating the bond.