Petropavlovsk updates on debt restructuring with VTB

31st Oct 2016 10:46

(ShareCast News) - Petropavlosk expected to close its debt restructuring with one of its main lenders, VTB, on Monday, the company said in a statement.Both Russian lenders had already agreed, at the end of September 2016, to extend the maturity profile of Petropavlovsk´s debt out to 2022, subject to certain conditions, together with a back-loaded repayment calendar which would match its production schedule.That also meant the repayment date for debts owed to Sberbank and falling due on 31 October had been pushed back to 20 December 2016.Against that backdrop, VTB had informed Petropavlosk on Monday that it was working towards execution of the necessary documentation and satisfaction of all of the necessary conditions that same day.VTB held 25% of the Russia-focused precious metals producer´s debt and Sberbank the roughly 75% remainining.As of 1105 BST shares in the company were 3.13% higher at 8.23p.