OREANDA-NEWS. August 10, 2009. Last week, Sberbank’s loan committee approved the restructuring of PIK Group’s debt to creditors, two sources close to the real estate developer and a bank officer said, reported the press-centre of FINAM.

The company’s total liabilities currently amount to some RUB 42 bn, PIK’s spokesperson said. The largest creditor is Sberbank with RUB 14.2 bn. In addition, the company has almost ceased repayments due to the lack of funds. Sberbank is expected to extend the loan for 5 years on the following terms: a grace period for the first 2.5% years.

The company will make no repayments during the period, with the interest rate being equal to the refinancing rate +0.5%. Then the rate will climb by 4.5% and PIK will commence repayments. However, a bank official said that this may not be the final scheme. All three sources say that the bank will offer other creditors of the developer to restructure the debt on terms similar to those of Sberbank.

As soon as this happens, the state-run bank itself will restructure PIK’s debt, a source close to Sberbank adds.