COMPANIES One of Russia’s biggest property developers, Mirax Group, said on Wednesday that it had reached an agreement to restructure a $200m loan owed to Credit Suisse, in the country’s first big restructuring deal since the credit crisis.
Sergei Polonsky, chairman of Mirax Group, told reporters that the $200m loan, which fell due this week, had been restructured over two years. The company, which is grappling with weakening demand, would cut costs and freeze projects.
