Euroset eyes cutting bank debt by half in 2009
Russian mobile phone retailer Euroset plans to cut its bank debt by half to USD300 million by the end of 2009, the company's Vice President for Finance and Administration Vitaly Podolsky has revealed. Euroset’s non-bank debts currently amount to RUB11 billion (USD390.1 million) and its merchandise inventory is worth RUB9 billion (USD319.2 million). Euroset plans to keep its merchandise inventory at a level of RUB8.5 billion (USD301.5 million) to RUB9.5 billion (USD336.9 million) and wants to increase trade credit to RUB13 billion (USD461.1 million), which is expected to provide funds for the company to repay some of its debts to banks. Meanwhile, executives denied the company owes any debts to mobile operator MTS, saying it was actually the case that MTS owed it RUB746 million (USD26.46 million). Euroset spokesperson Natalya Aristova said that MTS had confirmed the debt. The retailer intends to continue talks with the operator on settling the debt and on resuming sales of the operator’s services via Euroset outlets, Euroset Acting President Vladimir Shishko said.
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