2nd Apr 2015 16:37
LONDON (Alliance News) - Ukrproduct Group Ltd, which produces and distributes branded dairy products and kvass, a traditional fermented beverage, Thursday said it failed to repay EUR300,000 it owes to the European Bank for Reconstruction and Development under a loan deal made in March 2011.
The European Bank for Reconstruction and Development was founded in 1991 and is owned by 64 countries, the European Union and the European Investment Bank.
The company said that it did not make the "principal amount payment of EUR 300 thousand due in March 2015 under the terms of its loan agreement with the European Bank for Reconstruction and Development dated March 31, 2011".
"The omission was caused by more them three-fold hryvnia devaluation. Ukrproduct is in negotiations with European Bank for Reconstruction and Development to vary the terms of the loan and anticipates reaching agreement in the next two months," the company said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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