Pavlovskgranit loan to be restructured?

Sberbank has offered to restructure Russia-based quarry operator Pavlovskgranit’s €121million loan in return for a 51% share in the business with a buyback option. The company has said that it has produced 3.8million m3 of aggregates in the first nine months of this year compared to 2.9million m3 in the same period last year but experts have warned profits are likely to be lower in 2010 due to debt levels. Pavlovskgranit has said that it is currently looking into other refinancing options and is in negotiat
March 28, 2012 Read time: 1 min

4439 Sberbank has offered to restructure Russia-based quarry operator 3672 Pavlovskgranit’s €121million loan in return for a 51% share in the business with a buyback option.

The company has said that it has produced 3.8million m3 of aggregates in the first nine months of this year compared to 2.9million m3 in the same period last year but experts have warned profits are likely to be lower in 2010 due to debt levels. Pavlovskgranit has said that it is currently looking into other refinancing options and is in negotiations with other banks.

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March 27, 2012

Pavlovskgranit share transfer ruled illegal

The Arbitration Court of the Voronezh region of Russia has ruled that Sberbank’s transfer of Pavlovskgranit’s shares was illegal and the court has seized the shareholding. The ruling follows the bank’s transfer of a 36.37 % stake in Pavlovskgranit, owned by Vitera, a major shareholder of Pavlovskgranit, to the account of Sberbank Capital, Sberbank’s subsidiary.

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