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NIBULON CEO Vadaturskyi negotiates company's debts freeze
23 March 2023, 11:00
NIBULON CEO Andriy Vadaturskyi seeks agreement on a debt freeze with deferred payments to ease the company's financial situation. However, attempts to convince international creditors to agree to a change in the debt repayment schedule have stalled, Forbes Ukraine reports.
NIBULON owes a total of USD 570 million to 26 Western and Ukrainian creditors. Last autumn, the company suspended payments to international creditors. According to Vadaturskyi, several Ukrainian banks have started confiscating the company's assets.
To attract financing, Ukraine's Western allies may need to provide guarantees to cover the risks associated with the war. This will increase the chances that development banks will lend money to Ukrainian companies.
Vadaturskyi added that with the loan repayment holidays and cash, NIBULON stands its chance of financing the next planting season, and independent farmers will be able to avoid bankruptcy.
"One can do nothing without money. This is my top priority at the moment," Vadaturskyi admitted.
According to Mykhailo Rizak, NIBULON's Deputy CEO for government relations and legal affairs, the company's land bank has decreased from 76.5 thousand hectares to 51 thousand after the full-scale invasion. Most of the inaccessible land is located in Luhansk region, and about 5.5 thousand hectares are to be demined in Snihurivka district of Mykolaiv region.
