JSC VTB Bank has granted a RUB 2bn Credit Facility for a long-term period for the financial recovery of JSC Lena United River Shipping Company (LURSC), the VTB’s press service said.
The funding of the shipping company is provided under an agreement signed between VTB and the Government of the Republic of Sakha (Russia’s region Yakutia). Under the terms of the agreement, next year the local government will be providing a number of additional measures to support the company. In order to revive the key regional enterprise VTB has provided the Facility to refinance the debt of the company, which was declared bankrupt in the mid-2010.
As noted by Senior Vice President Oleg Pinus VTB, VTB decided to support the Company in a difficult situation.
Lena United River Shipping Company is the only transportation company in the Arctic region of the Republic of Sakha. The company provides transportation of passenger and freight on inland waterways and sea lanes. LURSC operates more than 350 dry cargo ships, tugboats, passenger ships and support vessels of a total capacity of 450,000 tons.
The funding of the shipping company is provided under an agreement signed between VTB and the Government of the Republic of Sakha (Russia’s region Yakutia). Under the terms of the agreement, next year the local government will be providing a number of additional measures to support the company. In order to revive the key regional enterprise VTB has provided the Facility to refinance the debt of the company, which was declared bankrupt in the mid-2010.
As noted by Senior Vice President Oleg Pinus VTB, VTB decided to support the Company in a difficult situation.
Lena United River Shipping Company is the only transportation company in the Arctic region of the Republic of Sakha. The company provides transportation of passenger and freight on inland waterways and sea lanes. LURSC operates more than 350 dry cargo ships, tugboats, passenger ships and support vessels of a total capacity of 450,000 tons.