KSG Agro Agricultural Holding has signed an agreement for restructuring of its credit debt with the German company Big Dutchman.
In accordance with the decisions taken by KSG Agro and Big Dutchman (Germany), the debt of the agricultural holding to the German company under the loan agreement dated August 28, 2012 was restructured.
The parties recognized that the credit debt amounted to 4,764,533 euros, namely, 3,960,000 euros of the principal amount of the debt and 804,533 euros of interest accrued.
Decisions on restructuring imply a reduction in the amount of debt to a German lender to 1,030,000 euros, which will be repaid starting from July 31, 2019.
Loan funds from the company Big Dutchman were attracted by the agro-holding to develop a pig farm in Niva Trudova (Dnipropetrovsk region) owned by LLC Rantye, a member of KSG Agro group.
“We are grateful to foreign creditors for the partnership approach in solving debt problems,” commented Sergiy Kasianov, chairman of the board of directors at the KSG Agro agricultural holding, “We are actively being understood by our partners, who allow us to pay off our debts with a significant discount. Reaching an agreement allows both parties not to lose, but to gain. For us, successful restructuring means the successful development and launch of new projects in the field of crop and pig production”.
According to Mr. Kasianov, the settlement of credit debt issues will remain among the strategic priorities of the holding for 2019.