May / 2016
SIA International completes restructuring of its bank loans
By November 2015, SIA International's loan portfolio amounted to RUB 7.13 billion and included loans from four banks – Gazprombank, GLOBEX, Promsvyazbank, and NOTA-Bank. Thanks to the efforts of the new management team, more than 40% of that loan portfolio had been restructured as early as January 2016 with the settlement of obligations of RUB 2.5 billion and RUB 700 million to GLOBEX Bank and Promsvyazbank. In February 2016 Gazprombank approved a new tranche of RUB 3 billion against discharged company obligations to the bank under an existing facility.

On 19 May 2016 a settlement agreement between SIA International and BANK "ROSSIYSKY CAPITAL" settling a RUB 1 billion loan debt was approved by the court. The settled debt was due under the loans from NOTA-Bank that were assigned by the Bank Deposit Insurance Agency to BANK "ROSSIYSKY CAPITAL".

"The complete restructuring of our loan portfolio is a key step in the company's financial recovery strategy. Our principal goal is to retrieve our leading position on the pharmaceutical distribution market," SIA International shareholder Alexander Vinokurov said.

"We are satisfied with the agreement and are confident that headed by its new management, SIA will fulfill its obligations to the bank and restore its market position," Igor Voloshin, GLOBEX Bank corporate banking department head, said.