Ingosstrakh ONDD Credit Insurance has lent its support to SIA International's loan restructuring and financial recovery plans, and has resumed its coverage of products shipped to the distributor.
SIA International has signed agreements on the resumption of deliveries with business partners whose accounts receivable are insured by LLC "Ingosstrakh ONDD Credit Insurance". SIA reached these agreements as part of its plan to restructure its relationships with the pharmaceutical product suppliers to which it owes money.
According to Ingosstrakh ONDD Credit Insurance CEO Alexey Bezdenezhnykh, "SIA International has traditionally been a significant business partner for our clients in the pharmaceutical industry. We made the decision to open credit limits for the company based on a comprehensive assessment of its proposed strategy for financial recovery. We believe that the pharmaceutical sector, being of social importance, will undoubtedly benefit by keeping a strong federal player such as SIA international."
SIA International's interests were represented in the negotiations by TCI consulting company, which has been operating in the credit insurance market for over 15 years.
"The current practice in the pharmaceutical market of insuring credit risks (insuring accounts receivable against nonpayment risks) with regard to products shipped to a distributor is mandatory for most of the major pharmaceutical product distributors operating in Russia. This being the case, it was extremely important during the negotiations to engage the support of Ingosstrakh ONDD Credit Insurance," TCI President Dmitry Petrenko said.