OREANDA-NEWS. September 25, 2009. Mirax Group and Alfa Bank agreed on debt restructuring and prolongation of all Mirax liabilities to the Bank.

As it was reported by mass media, Alfa Bank bought the rights to Mirax Group loans from Credit Suisse in July 2009 and became the company's largest creditor.

Negotiations with Alfa Bank lasted around two months and resulted in prolongation of corporate loans and restructuring of liabilities on Credit Suisse loan on terms favorable to Mirax Group.

"Our colleagues from Alpha Bank have shown great understanding and flexibility in a complex situation and as a result we could restructure our debts using a range of financial instruments, such as cash assets and real estate property.  I am personally grateful to Mikhail Fridman for his strong willed decision to adjust Alpha Bank's stance which enabled this agreement to be reached", commented on the situation Mirax Group CEO Sergey Polonsky.

"Mirax Group and Alpha Bank are now discussing further collaboration. Particularly, Alfa Bank is considering the possibility of financing the completion of one of the Mirax Group's most important projects - the high-rise Federation Tower business complex", commented Alfa Bank Deputy Chairman of the Executive Board Vladimir Tatarchuk.