Mirax has reduced debt from $ 770 million to approximately $ 500 million - Polonsky.

Debts Mirax Group in early February, down from 770 million a year ago to about $ 500 million, said co-owner of the developer and the chairman of the board of directors Sergey Polonsky. "A year ago, in general, we had 770 million dollars at the beginning of February - for about $ 500 million. Most, of course, Alfa Bank, and holders of debt securities - CLN and bonds worth 298 million dollars. In addition, $ 83 million we must MDM Bank, CJSC Credit Europe Bank and other creditors ", - said Polonsky paper released on Monday in an interview with Kommersant. Alfa-Bank in the summer of 2009 were bought debts Mirax Group at Credit Suisse. Then followed the arrest of the main project developer - the tower "Federation" and a business center Mirax Plaza, which was later withdrawn, to the same Mirax left three minority shareholders from among the founders of the company, recalls the newspaper. According to Polonsky, the main task at the moment in the process of debt restructuring - to resolve the issue with the bondholders and CLN. "This is being undertaken by the IFC (the Bank Mikhail Prokhorov). Until we have a vicious circle: in order to agree on restructuring, it is necessary to start the process of construction to generate revenue. To do this, get a new credit resources attraction which also tied to the success of restructuring. Unfortunately, it so happened that we did not have any Sberbank, VTB nor a single dollar. When the crisis broke, I spoke with the leaders of these banks over lending, and was told that first they must deal with its debtors. But now we have resumed negotiations with them ", - says Polonsky. He noted that a year ago to talk with the banks was impossible, because the proposals with rates less than 30% did not, but now the developer collects proposals. Speaking about relations with the company Alfa-Bank, Polonsky said that, firstly, the bank does not belong to the corporation, and he was laid stocks and complexes Mirax "Federation" and the Mirax Plaza. "Now we are left to Alfa-Bank 155 million dollars (in the summer of 2009 - 331 million dollars). Under the loan only provides our main office located in stylobate part of the tower" Federation "... it is about 15 thousand square meters, and business Center for Bryansk Street. In total - 40 thousand square meters. Also part of the debt secured by my personal guarantee. They were awarded in the spring of 2009 under a loan obtained by the corporation in Alpha Bank to acquire Alfa our debt at Credit Suisse "- said Polonsky. According to him, the complexity of the situation lies in the fact that Alpha did not need a real estate developer. "We are paying very real money, virtually all financial flows that are directed to a payment of Alfa-Bank. We hope that soon we will restructure the debt with the help of Sberbank or VTB, or with the" Alpha "to develop additional agreements, because the existing conditions for us very hard ", - said Polonsky, recognizing that doing so is quite difficult. He explained that the company needs to obtain financing for the "Federation" of $ 240 million dollars, but the banks know that the slightest delay in payment, Alfa Bank has the right to close the office Mirax. "Therefore, Sberbank raises one of the main conditions for granting credit - the withdrawal from the pledge at Alfa Bank, main office of the company", - said Polonsky.