The largest agricultural holding in Ukraine, Mriya, is on the verge of bankruptcy, – Businessweek
Brussels - Kyiv, January 15 (PolitNavigator, Vasily Ablyazimov) - Creditors of the Mriya agricultural holding are meeting in exchange for debt restructuring, reports Bbusinessweek, change the management of the company.
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“Creditors of Mriya Agroholding Plc said they plan to change the management of the Ukrainian corporation at the end of next week, as negotiations on debt restructuring failed,” the publication reports.
“A change in management is planned, which will be aimed at minimizing any changes to the business,” a group of bondholders and creditors of the agricultural holding said in an email. This group includes foreign companies Ashmore Investment Management Ltd, T. Rowe Price Associates Inc., and foreign banks.
Agroholding "Mriya" is one of the largest agricultural producers in Ukraine. The company processes up to 300 tons of seeds per day, and the company’s products are sold in 20 countries around the world.
“We can still save the company,” says Mriya Chief Executive Officer Vladislav Lugovsky. “We tell the banks that by destroying the company they are destroying themselves.”
Mriya said last month it would cut jobs and enter bankruptcy proceedings for some of its properties if it did not reach an agreement with creditors by the end of 2014. “Under these conditions, it will be difficult to carry out current activities,” Lugovsky said. The company will be forced to “hand over the keys to running the company if the creditors want it.”
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