7 Sep 2018 19:41

Boris Mints concludes transfer of O1 Properties and Future Financial Group to Riverstretch

MOSCOW. Sept 7 (Interfax) - Boris Mints' O1 Group has completed the transfer of O1 Properties and Future Financial Group, which includes the private Future, Telecom-Soyuz, Socialnoe Razvitie and Obrazovaniye to Riverstretch Trading & Investments Limited, the companies said in a joint press release.

The transfer of assets was carried out in settlement of the debt of O1 Group to Moscow Credit Bank. The debt was assigned to ROSSIUM LLC and then to Riverstretch Trading & Investments Limited.

All obligations to holders of the securities of O1 Properties will be met in full.

"Riverstretch is now carrying out a detailed review of the operational activities, and is analyzing the strategies of O1 Properties and the NPFs of Future Financial Group," said Alexei Mazin, head of the Russian office of Riverstretch Trading & Investments Limited.

"We have taken note of problems associated with the substantial debt burden of O1 Properties. We will apply all our experience of real estate business and extensive expertise in the field of asset stabilization to find a solution to the current situation. Our task is to reduce the debt burden of O1 Properties," he said.

"Our goal is to preserve and further develop the business, and we aspire to maximum transparency and the provision of full information," he said.

"Our team has a vision for the improvement of management of the portfolios, which has the support of the new owner and will be systematically implemented in accordance with current legislation. Our main objective is to generate steady and attractive income flows for customers. Our work will be focused on further development of the company and strengthening of relationships with large corporate customers. All of our business processes are continuing smoothly and without interruption. Information on our plans for further development will be announced as they are approved by the new shareholder," said Future Financial Group chief Marina Rudneva.