Uralsib may obtain 15% of 36.6

2009-08-25



Uralsib bank may obtain the 15.25% stake in the pharmacy chain 36.6, which was pledged as a guarantee for a $28m loan granted to the chain in May 2008, reported Kommersant.
According to the terms of the loan, the pharmacy chain was to repay the loan in November 2010, however, the terms of the agreement were subsequently violated, thus bringing forward the repayment date to 2009. The terms of the loan stipulated that the market value of the stake pledged could not decrease by more than 20% from the value at the time the deal was signed. However, since that time, the market value of one 36.6 share has fallen by nearly 83%. The company is currently attempting to renegotiate the terms of the loan. As of H1 2009, the total amount owed by 36.6 comprised RUB 4.6bn ($147m).
36.6 operates 1,034 pharmacies in Russia.