January / 2016
Agreement reached on restructuring of SIA International's considerable debt
SIA International has reached agreement with GLOBEX Bank and Promsvyazbank on restructuring of its debt. The distributor's total indebtedness to the two credit institutions amounts to RUB 3.2 billion.

In late 2015 Alexander Vinokurov became a shareholder of SIA International, bringing with him a new management team headed by Sergey Piven, formerly the chief financial officer of X5 Retail Group. The priority steps taken by the holding's leadership were to bring in new management team, review relationships with banks and suppliers, and formulate new loan repayment schedules and payment schedules for products supplied.

The distributor is now working actively to restore relationships with suppliers, clients, pharmacies, and pharmacy chains. This will enable SIA International in the short term to considerably increase its turnover, and ultimately reclaim its leadership on the pharmaceutical distribution market.

GLOBEX's standpoint is that SIA International has been operating in the Russian market for many years and has a good reputation: "We are satisfied with the agreement and are confident that SIA, despite its temporary difficulties, will reclaim its market position and remain our reliable business partner."

The company owes GLOBEX RUB 2.5 billion, and Promsvyazbank an estimated RUB 700 million.