Due to Russian investors IUD gets further deferral of debt repayment

Ukrainian corporation Industrial Union of Donbass (IUD) whose controlling stake was recently bought by consortium of investors managed to persuade its creditors to allow it to pay only interest on its debt of USD 3.3 bn until March 2010. Such an agreement was in place till the end of the 2009, however, former owner of the controlling stake Sergei Taruta could not manage to persuade creditors to prolong the agreement. It is said that the new agreement with creditors was mainly achieved due to Russian businessment that enter into the investment consortium that owns controlling stake in IUD

50% plus two stock of ISD sold to consortium of investors

Alexander Katunin, the owner of Swiss metal trader Carbofer Group and the former co-owner of Russia's Evraz Group, together with a group of financial investors and with the participation of Russia's Vnesheconombank (VEB), has purchased a controlling interest in Donetsk-based Industrial Union of Donbas (IUD) Corporation. The new partners have helped the company to strengthen its position on the global market, the IUD said in a press release.

Alexander Katunin (who was a co-founder and a shareholder of Evraz Group until 2004), an owner of the international steel and iron products trader Carbofer Group S.A. as well as logistic and production companies, have bought a 50% plus two stocks package in the IUD. A 49.99% share still belongs to Serhiy Taruta and Oleh Mkrtchan," the press release reads.

The IUD, founded in 1995, is an integrated holding company that owns or manages stakes in mining and metals enterprises. The group's core assets are the Alchevsk Iron & Steel Works (AMK), Alchevsk Coke-Chemical Plant and Dzerzhynsk Iron & Steel Works (DMK) in Ukraine, as well as Dunaferr in Hungary, and ISD-Huta Czestochowa in Poland. Source.