Pharmacy Chain 36.6 restructures debt

Pharmacy Chain 36.6 has restructured USD110 million of debt owed to Russia's Standard Bank, deferring maturity until 2014 from February 2010. The debt comprises a USD25 million loan and an USD85 million investment made by Standard Bank in Glazar Ltd, which is a joint venture between the bank and the pharmacy operator. As of 30 June, the company's total financial debt was around RUB5 billion (USD162 million), virtually all of which was short term. In October, Pharmacy Chain 36.6 restructured bonds representing RUR1.8 billion (USD58 million).