Головна сторінка
/
Новини
/

Mriya reveals USD 200 mln of hidden debt, misses USD 187 mln in payments

Mriya reveals USD 200 mln of hidden debt, misses USD 187 mln in payments

14 August 2014

Agricultural holding Mriya (MRIYA, MAYA GF) made public on Aug. 13 some details of its default on several debt facilities that occurred in early August. The company missed USD 9 mln in interest and USD 120 mln in principal payments. Mriya disclosed that it had also previously provided corporate guarantees to its related parties, which have failed to pay on time USD 3 mln in interest and USD 55 mln in principal payments. The overall missed payments in own and guaranteed debt total USD 187 mln.

 

On top of that, the company disclosed that total debt of related parties that had been guaranteed by Mriya is close to USD 200 mln. The company stated that it is continuing to evaluate its ability to make further payments on its debt obligations.

 

Roman Topolyuk: Mriya has never previously disclosed any guarantees, issued to its related parties, which came as a surprise and effectively increases its end-2013 net debt by 33% to USD 810 mln and its total debt to nearly USD 1.0 bln. With its newly disclosed debt obligation, Mriya is in breach of its 3.0x Net Debt / EBITDA covenant as of 2013, as its leverage ratio jumps to 3.6x compared to 2.7x based on previously reported figures.

 

It’s possible that the revealed information still doesn’t offer a full picture of the holding’s debt profile and current financial position, and the restructuring that it will propose to lenders may involve creditors across-the-board. The timely redemption of interest payments on its Eurobonds worth USD 23 mln appears doubtful now.

Останні новини

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...