Segezha sold the European business for a symbolic €1 and a debt of €100 million
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Segezha Group sold its foreign packaging manufacturing entity, Segezha Packaging, for a nominal €1 reward. Also, the terms of the deal implied the assumption of obligations to pay a debt of €100 million, said Mikhail Shamolin, president of the holding.
According to him, taking into account the amount of debt, the assessment of the European asset corresponds to the pre-crisis level. “The deal was completed for about €1, but with a debt that Segezha Packaging left to the Segezha Pulp and Paper Mill in the region of €100 million,” said Mr. Shamolin (quoted by Interfax).
According to Vladimir Travkov, vice-president of the company, Segezha Group does not expect the debt to be repaid in a short time, since it is on the balance sheet of Segezha Packaging. “As the situation normalizes, we are discussing with them in what schedule they will be able to return the debt to us,” he added.
Segezha Packaging unites seven factories in Europe and Turkey with a capacity of 704 million bags per year. In February, Segezha entered into an agreement to sell 100% of the company’s shares. Mikhail Shamolin associated this decision with the inability to ensure the operational activities of the structure due to sanctions. He did not name the buyer and the amount of the transaction.
Details – in the material “Kommersant” “Segezha made a box decision”.
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