On Friday, Mriya completed a $1.1 billion debt restructuring

On Friday, Mriya completed a $1.1 billion debt restructuring after creditors including BNP Paribas and Credit Agricole took over the company in 2015 and began consolidating its machinery and farmland. In one of Ukraine’s greatest financial scandals, no member of Mriya’s founding Guta family has gone on trial. Instead, Mriya managers charge, family members have tried to seize farm machinery and land leases in Ternopil region. Concorde Capital’s Alexander Paraschiy writes of last week’s restructuring: “Based on the auction results, we calculate that bondholders of Mriya Agro Holding will receive in cash $4.01 for each $100 of par value of old Mriya’s bonds. This is better than nothing.”