OREANDA-NEWS. December 09, 2014. RusForest AB announces the early repayment of the Vostok Nafta loan of USD5 million, as the company said in the press release received by Lesprom Network.

In November 2012, RusForest secured a USD 5 million term loan from the Company’s major shareholder at that time, Vostok Komi (Cyprus) Limited, a wholly-owned subsidiary of Vostok Nafta Investment Ltd. The proceeds from the loan were used for working capital purposes, and the loan was secured by a pledge of RusForest’s interests in certain forestry assets. The loan was maturing on December 31, 2014.

RusForest has now repaid the Vostok Nafta loan early in order to reduce expenses after receiving the previously announced cash from the divestment of the Arkhangelsk assets.

RusForest is a Swedish forestry company operating in Eastern Siberia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products.