Euroset suspends debt payments

Russian mobile phone retailer Euroset agreed with major banks last week that it could postpone its debt payments, reports the RBC Daily newspaper. The retailer pledged to pay off all debts within 12 months, a delay which is expected to help Euroset adapt to new market conditions. Among the banks that allowed Euroset to delay payments were Rosbank, Master-Bank, and Alfa-Bank. Interest payments were also halted, a source close to the situation said. Another source added that the company had reached an agreement with its key vendors that it would delay payments to them as well. Euroset committed to repay all debts to suppliers within 14 months, the source added.

planetretail.net