Mriya to offer solution to lenders at Oct. 24 meeting

Mriya to offer solution to lenders at Oct. 24 meeting



23 жовтня 2014 года
Конкорд Капитал

Мрия Агрохолдинг (MAYA)


Ukrainian farming company Mriya (MRIYA), which was unable to repay some of its debts last summer, has scheduled a meeting with its creditors for Oct. 24 in Kyiv. Mriya has reportedly prepared a solution that “should enable the fulfillment of obligations before lenders in full,” the company’s Oct. 22 press release stated. The company expects to reach an agreement on debt restructuring, based on the information that it will provide at the meeting, with the hope that it will satisfy its creditors in full. Mriya also stressed in its press release that the solution to be reached should also account for the interests of Mriya’s employees, landlords and clients, and well as the interests of Ukraine’s agricultural sector as a whole.



Alexander Paraschiy: The good news is Mriya is ready to propose something after almost three months of uncertainty since its first announcement of a default on Aug. 1. On the flipside, we should not expect that the offer will be generous, given that the company’s total debt (which different sources estimate between USD 1.0 bln and USD 1.2 bln) exceeds its annual operating cash flow by nearly ten times. On top of that, Mriya’s wish to consider the interests of all its clients, some of whom are related to the parties responsible for the default, looks particularly disturbing.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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