Ukraine: Mriya to prepare business plan for next three-five years by mid-April

Mriya agro-holding creditors and the new top managers of the company appointed by them a month ago plan to draw up a company development plan for the next three to five years by the middle of April 2015.

"Today, we've started the preparation of the business plan. We expect that by the middle of April the company will draw up the business plan for three to five years. On the basis of this business plan we will start formal restructuring of the debt," financial advisor to the creditors and managing director of Rothschild Inc. in Russia and the CIS Giovanni Salvetti said at a press conference in Kyiv on Thursday.

He said that when the company made the announcement about its default, its total debt portfolio stood at $1.3 billion.

"The sum of those assets that were transferred by the previous managers to the new managers is considerably smaller. Creditors will continue legal efforts to return as many assets that were financed using their money as possible," Salvetti said.

He said that creditors have set the goal of retaining Mriya's business and investments made in the company.

Mriya CEO Simon Cherniavsky said that the financial report for 2014 will be published in the coming two or three months.

Mriya was founded in 1992 by Ivan and Klavdiya Huta. It grows wheat, barley, rapeseeds, sugar beet, buckwheat, and potatoes.