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XXI Century restructures its biggest debt to February 2014

XXI Century restructures its biggest debt to February 2014

26 September 2013

Real estate developer XXI Century Investments (XXIC LN) finalized a deal to extend the maturity of a USD 54 mln loan from Eurobank Cyprus to February 2014, the company reported on September 25. The maturity was prolonged from February 2013, the company representative clarified. The loan accounted for 96% of the company’s total debt as of end-2012.

 

Alexander Paraschiy: The secured payment delay is good news by itself, but it clearly does not help the company improve its solvency, as the loan matures in just five months and XXIC does not generate enough cash flow to secure its smooth repayment by that time. The company informed us that it already started working on a further extension, and it sees a high chance for success since it’s Eurobank Cyprus’s biggest Ukrainian borrower and it’s currently paying all the interest and related payments on the loan in full. Meanwhile, we look forward to hearing on XXIC’s progress in launching its Vyrlytsia project, which should allow it to turn around.

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