SIA International and GLOBEX Bank are extending their cooperation by another four-year period. Under the new arrangement, GLOBEX is pushing back the original due date of December 2016 for repayment of SIA International's more than RUB 2 billion debt by four years.
Under the original agreement, which the parties signed in January 2016, SIA International has already reduced its debt to GLOBEX by more than RUB 400 million. The pharmaceutical distributor has reduced its total debt to bank lenders since November 2015 by over RUB 1 billion.
"Signing the agreement was extremely meaningful for us, because it shows that our relationship with the lender is developing in a positive way. While our debt restructuring in January was a reflection of the challenging financial position SIA International was in toward the end of 2015, and was more of a loan based on trust by our colleagues at GLOBEX, the new 4-year term confirms that the bank considers us a reliable and worthwhile long-term partner," SIA International President Sergey Piven said.
"We are satisfied with the agreement. SIA International discharges its obligations properly and is achieving success in restoring the company's market position," Andrey Nazarov, GLOBEX Bank corporate banking department head, said.