Ukrproduct defers loan repayment while it negotiates new terms

One of Ukraine’s largest producers of branded dairy foods and beverages, Ukrproduct Group, announced on Friday that it had reached agreement with OTP Bank for the deferral of the principal loan repayment of UAH 32.3m (£0.95m), initially due on 9 June, until 23 June.

The AIM-traded company said by that time, it expected that negotiations in relation to a new loan agreement would have been completed.

“The company also announces that it has obtained waivers from the European Bank for Reconstruction and Development in respect of debt ratio covenant breaches in the amended and restated EBRD loan agreement announced on 30 June in respect of the periods ended 31 December 2016 and 31 March 2017,” the board added in its statement.

Ukrproduct said it expected to publish its annual results for the year ended 31 December 2016 later in the month.