Kopeika not planning on taking credit from Sberbank

Russian retailer Kopeika does not plan to take a RUB2 million (USD64 million) credit offered by the state-owned Sberbank in July this year, the Chief Executive of Kopeika Maxim Goldberg said. Sberbank would have received a controlling 51% stake in Kopeika Moscow. Sberbank currently holds all Kopeika’s real estate in custody for the RUB4 billion (USD128 million) loan received in December 2008. Maxim Goldberg did not explain how Kopeika going to pay off this debt but a possible solution would be Kopeika’s acquisition by Walmart, which according the Russian press made a preliminary offer to Kopeika in June 2009.

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