The State Savings Bank (Oschadbank) made a decision to terminate recognition of the credit portfolio of the WOG group of companies as problematic and transfer the client to service within the framework of standard approaches and policies as a stably operating business.
This is stated in the bank's message, Ukrainian News Agency reports.
This is the first decision of Oschadbank regarding the completion of the financial restructuring procedure for a client of a large corporate business within the framework of the implementation of the Law of Ukraine "On Financial Restructuring".
In 2018, Oschadbank made a decision to recognize the credit portfolio of the WOG group of companies as problematic, but as having prospects for recovery.
At that time, the debt of the group of companies was the equivalent of USD 124.5 million.
During the first half of 2019, a financial restructuring procedure was carried out with the involvement of an independent expert - the Deloitte company, which also confirmed the possibility of settling the debt under the conditions of its gradual amortization and avoiding the procedure of claims and lawsuits.
Over the next four years, the group of companies repaid part of their debt obligations and continues to faithfully adhere to the time and financial indicators of cooperation with Oschadbank within the framework of restructuring.
WOG has built up sufficient financial capacity to meet its obligations to the bank within standard approaches and policies.
As Ukrainian News Agency earlier reported, 100% of the shares of the Oschadbank PJSC are owned by the state.
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