22 Jul 2009 10:43

Onexim improves offer for RBC; reaches agreement with company management

MOSCOW. July 22 (Interfax) - Russian billionaire Mikhail Prokhorov's Onexim group has improved its offer to purchase RBC Information Systems , the financially troubled Russian media group, Onexim said in a statement published on Tuesday.

In the coming seven days Onexim and RBC's management will provide shareholders and creditors with "a joint, comprehensive proposal on debt restructuring and financial stabilization."

That proposal would have Onexim acquire 51% of equity in RBC for $80 million following a supplementary share placement. Onexim would receive a majority of seats on the board of directors while the current management team would retain operational control.