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MIRAX GROUP offered debt restructuring terms

January 26, 2011 | Cbonds

In November-December a group of MIRAX GROUP’s creditors analyzed financial reports of MIRAX, financial models of its ongoing developer projects and documentation on 8 projects offered by the company as collateral for debt obligations. The group of creditors came to the conclusion that cash flow generated by the issuer is not enough to repay any significant part of the company’s debt (about $392.2m). The group deems debt restructuring possible under the following conditions:

• appointment of a qualified legal adviser ,
• providing security for the issuer’s new debt instrument in the form of 8 developer projects,
• a personal guarantee of Sergey Polonsky controlling MIRAX GROUP.

The group of creditors is ready to start cooperating on drafting a debt restructuring together with the company’s management in January 2011 if the management agrees to the suggested terms. In this case the debt restructuring plan is expected to be submitted for creditors’ approval no later than February 28, 2011.

Company: MG Group

Full company name"MG Group" LLC
Country of riskRussia
Country of registrationRussia
IndustryConstruction and development

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