суббота, 9 апреля 2011 г.

Mirax miles away from Kutuzovskaya Mile

http://rumafia.com/news.php?id=249


Mirax Group was co-developing the complex in Fili-Davydkovo neighbourhood since 2005 and invested about 2 billion roubles ($ 70 m) in the project. Only half of 600 thousand square metres of flats has been completed as yet. The terms of the project were formulated by FCSR close corporation, the tenant of the land plot that would have got 5% of the living space after the completion. In 2010 FCSR unilaterally terminated the agreement with Avanta LLC, a Mirax's subsidiary,  on the grounds of absence of financing from the investor.



FCSR is not going to complete Kutuzovskay Milya on its own. The company plans to find a co-investor. According to the estimations, the investment can make up $660-840 m (at a rate $2.200-2.800 per square metre). The holders of the bonds of Mirax Group in the sum of $ 393 m have displayed their interest in the project.      


Almost all uncompleted projects of Mirax Group has been frozen due to the difficulties the company faces with repaying its debt (total of $593 m). Mirax has not yet scheduled the restructuring of its $ 392.2 m debt to the holders of CLNs and rouble bonds. 



Mirax Group plans to go to court pleading the contract between FCSR and the city council to be terminated. Sergey Polonsky, speaking on the situation with Kutuzovskaya Mile, said that there had been no point in prolonging the contract with FCSR. He said: «You cover up all the moves this company [FCSR] does to stop the development, citizen Resin! You have no shame!»   

Kommersant

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