Russia's Gazprombank won the right to demand early repayment of its loans to Russian Aquaculture after the fish farmer breached its loan agreement -- a move that puts the future of the fish farming group in question.
The company, one of the largest salmon and trout farmers in Russia, owed Gazprombank RUB 4.8 billion (€63.8 million/$72.8 million) at the end of last year, while its distribution division Russian Fish Company’s debt reached RUB 2.4 billion (€31.9 million/$36.4 million).
Russian Aquaculture's debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio exceeded the agreed level, triggering the agreement allowing Gazprombank to recover its debt early.
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