The subsidiary companies of Milkiland Group – Milkiland EU and UA Trade – concluded the agreement with the Polish Pekao Bank on restructuring a loan for 1.8 million euros, according to the Warsaw Stock Exchange, Liga.net reports.
Pursuant to the terms of agreement, the principal loan will be repaid by monthly instalment until June 30, 2018. The borrowing companies undertook to sell non-key assets, amounting to 0.12 mln euros, and allot these proceeds for repayment of the loan.
The bank agreed not to collect until 30 June 2018 the interest-bearing debt and fines due to overdue debt repayment from the company, as well as initiate the debt enforcement.
Milkiland should provide the bank a new proposal of the debt repayment until 15 April 2018.
Milkiland is one of the largest producers of cheese and milk products in Ukraine.
In Ukraine, the Milkiland Group owns 10 plants producing a wide assortment of milk products, including cheese, fresh milk products and butter, which are sold under such trademarks as Dobryana and Kolyada.
