30 Jun 2010 12:21

Nutritek unable to find 80 mln rubles for first payment on debt restructuring

MOSCOW. June 30 (Interfax) - The Nutritek Group of Companies will be unable to make the first payment for its debt restructuring on Wednesday, the group said.

"Since OJSC Nutrinvestholding does not have enough funds necessary for restructuring its debts on June 30 owed to a group of creditors. The payment is not going through," the group said.

The company said: "the creditors will be offered a corrected payment schedule depending on how business scenarios unfold and bearing in mind the group's actual operational and financial situation".

Oleg Ochinsky, Nutritek's general director, who started this position in mid-May, said that the group had to pay 80 million rubles for restructuring its debt.

Nutritek Group's total debt comes to around $220 million, of which $110 million is in LPNs, around 1.2 billion rubles - ruble-based bonds and approximately 1.2 billion rubles - bank loan debt.

The group was able to reach agreements on restructuring the bulk of its debt ($170 million). For instance, the payment on ruble-based bonds has been prolonged by five years, bank loans - four years and LPNs - six years. The company will rectify the situation with other creditors through court.