Sberbank of Russia, Sberbank Capital LLC, and Capital Group have signed an agreement to restructure Capital Group’s debt of over USD 400 million. The agreement has resulted from lengthy negotiations between Capital Group co-owner Pavel Tyo and the Chairman of the Executive Board of Sberbank of Russia, Herman Gref. This debt restructuring will ensure funding on a parity basis that is necessary to complete the construction of the City of Capitals Multipurpose Complex.
“The decision for debt restructuring was made personally by Herman Gref. I managed to persuade him that our business is not a pyramid scheme, but a prominent, real property in the massive project that is Moscow City. The new agreement will enable us to discharge our obligations in full,” said Capital Group co-owner Pavel Tyo after the signing.
