French investment bank Natixis has bought the debt of Russian grocery chain Sedmoi Kontinent from Deutsche Bank, the local press reported. A 75% stake in the retailer, owned by Russian businessman Alexander Zanadvorov was pledged as collateral on the debt. Zanadvorov borrowed USD560 million from Deutsche Bank in 2007 to acquire shares in Sedmoi Kontinent from business partner Vladimir Gruzdev and consolidate ownership. In November 2008 Zanadvorov faced a margin call on the loan. French retailer Carrefour reportedly offered to buy out Zanadvorov earlier this year, but talks have been suspended.
