Parex secures state guarantee for loan extensions

18 Feb 2009

Latvia’s Parex banka confirmed today (Wednesday) that the rollover of its syndicated loans it is seeking would be backed by a state-guarantee, although the extension agreement which needs to be settled by the end of this month has still not been approved by lenders.

The announcement follows speculation among loans bankers close to the discussions that Parex, which is 84.83% owned by the government, would have to provide further incentives for its lenders to agree to the extension of its loans. Parex has two outstanding facilities, Eu275m maturing at the end of ...

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