|STATEMENT RE: EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT LOAN (“EBRD”): Latest news
11 June 2015
Ukrproduct (AIM: UKR), one of the leading Ukrainian producers and distributors of branded dairy foods and beverages (kvass), announces that it has not made the second principal amount payment of EUR 300 thousand due on June 10, 2015 under the terms of its loan agreement with the European Bank for Reconstruction and Development dated March 31, 2011 (the “Loan Agreement”) due to the more than three-fold hryvnia devaluation. The Company continues to make the interest payments due under the Loan Agreement. As at the date of this announcement, EBRD has not exercised any of its rights arising from the Loan Agreement in the events of default.
Although Ukrproduct progresses in the negotiations with EBRD to restructure the terms of the loan it is unlikely that this process will be finalized before June 30, 2015.
The Company shall publish the annual results for the year ended 31 December 2014 in the second half of this month.