OREANDA-NEWS. Arco Vara finalized changing the conditions of loan agreement with Piraeus Bank Bulgaria.

In October 2014, Arco Vara reached an agreement with Piraeus Bank Bulgaria to change the conditions of the loan agreement of Arco Vara Group’s Bulgarian subsidiary Arco Invest EOOD as a result of which 950 thousand EUR of the loan amount was repayable in January 2015 and the repayment of the rest of the principal loan was postponed until December 2017. 

By now repayment to Piraeus Bank Bulgaria in the amount of 950 thousand EUR has been made and in addition the loan agreement’s annex, which furthermore reduces the Group’s risks regarding the conditions of the possible recall of the loan before maturity date by the bank, has been signed. After the repayment in the amount of 950 thousand EUR the remaining loan amount is 10 874 thousand EUR.