Russian property development giant Mirax Group has reached an agreement to restructure a $200 mln loan with Credit Suisse. The company said the credit facility, which was due for repayment this week, has been extended for another two years.
Russian property development giant Mirax Group has reached an agreement to restructure a $200 mln loan with Credit Suisse. The company said the credit facility, which was due for repayment this week, has been extended for another two years.
Last week, Mirax was downgraded by ratings agency Fitch to CCC. The group has $380 mln of short-term debt facilities maturing in the first quarter of this year. Recently, it announced that it had reduced its development pipeline and frozen projects in response to worsening market conditions and lack of debt. Other developers in the country, including Pik, Trigranit and Sistema Hals have taken similar measures over the past months.
