Sedmoi Kontinent owner to sell 15% of company

The owner of Russian grocery chain Sedmoi Kontinent has agreed to sell 15% of the company in exchange for the restructuring of USD560 million in debt. Alexander Zanadvorov, who owns 74.8% of Sedmoi Kontinent, would relinquish part of his stake to French bank Natixis, Russia's Alfa-Bank and US investment fund Spinnaker Capital. The debt would be converted into eight-year bonds worth USD630 million. Sedmoi Kontinent declined to comment on the report.