Creditors demand payment from Mriya as prospect of bankruptcy looms for agriholding
Mriya Agro Holding’s creditors appear to have lost patience with how the giant farmer was handling nearly $800 million-$1 billion in debt restructuring, and have called on $534 million worth of liabilities to be paid.
According to an Oct. 14 notice of acceleration that Mriya published on the Irish Stock Exchange where its eurobonds are listed, $472 million worth of bonds and $62 million of aggregate principal and interest currently outstanding on bank loans are “immediately due and payable.”
The notice means that the Frankfurt-listed agricultural giant is in default and is being called on to immediately pay back the money borrowed, the majority of which to bondholders, said Alex Bart, managing director of Empire State Partners in Kyiv.
“This also may lead to bankruptcy proceedings if (the creditors are) not paid back,” he added.
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