Russia's Mirax Group has reached agreement with Alfa Bank to restructure $250 mln (EUR 170 mln) of debt. The repayment of the loan will be postponed by up to 18 months, the bank said in a statement on Wednesday. The Russian lender is also considering providing new funding to enable Mirax to complete the Federation Tower, Europe's tallest scheme, deputy CEO of Alfa-Bank, Vladimir Tatarchuk added.
Russia's Mirax Group has reached agreement with Alfa Bank to restructure $250 mln (EUR 170 mln) of debt. The repayment of the loan will be postponed by up to 18 months, the bank said in a statement on Wednesday. The Russian lender is also considering providing new funding to enable Mirax to complete the Federation Tower, Europe's tallest scheme, deputy CEO of Alfa-Bank, Vladimir Tatarchuk added.
Mirax's co-owner Sergei Polonsky commented: 'Colleagues from Alpha Bank have shown great understanding and flexibility in an uneasy situation and as a result they have enabled us to restructure our debts.'
Last month a Moscow court froze some of Mirax's landmark developments following the company's failure to repay the loan. The debt was bought by Alfa Bank in July from Credit Suisse at a 75% discount, Russian news agency Tass reported.
Federation Tower is planned for completion in 2010 and will host the offices of Russia's largest private bank, OAO VTB Bank, a hotel and apartments.
