Ukrainian KSG Agro restructures EUR8.3 mln debt to Germany’s Landesbank

KSG Agro Holding has signed an agreement on the restructuring of a loan debt to Germany’s Landesbank Baden-Wuerttemberg (LBBW).

The amount of the loan provided in October 2012 was EUR11.5 million, the balance of the debt was EUR8.3 million, the holding’s press service said. Some 33% of the debt, which is EUR3.2 million, is to be repaid. The agricultural holding borrowed the funds to buy equipment from the German company Big Dutchman for its pig farm in the village of Nyva Trudova in Dnipropetrovsk region (LLC Rantier).

“Successful restructuring means available working capital, which will be spent on developing existing projects and launching new ones in the field of crop production and pig breeding,” Chairman of the KSG Agro Holding’s Board of Directors Serhiy Kasyanov said.

As reported, KSG Agro in April 2019signed an agreement on loan restructuring to Big Dutchman with a decrease in debt from EUR4.8 million to EUR1.03 million.

KSG Agro in the first quarter of 2019 increased net profit by 1.6 times, to $3.46 million, while revenue fell by 12.5%, to $3.4 million. Financial income for the three months of 2019 included $4.3 million in profit from restructuring.

Open4business.com.ua