Galchev receives loan, Russia

Galchev receives loan, Russia
25 May 2010

Sberbank has loaned about US$700m to Filaret Galchev, owner of Russia’s largest cement producer, to pay off debt he used to buy his former partner’s stake in Eurocement Holding, Vedomosti reported Monday, citing sources familiar with the matter.
Galchev paid US$600m to Pavel Krotov, who bought Galchev’s debt from Grigory Krasnyansky, his former partner, the newspaper reported. Krasnyansky in 2007 agreed to sell his stake to Galchev for US$1bn, it said.
Source: The Moscow Times
Published under Cement News