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Prokhorov Buys Most of Natixis's Seventh Continent Debt, Kommersant Says

Billionaire Mikhail Prokhorov’s MFK Bank bought most of the $560 million of debt that Russian food retailer OAO Seventh Continent’s owner owed banks including Natixis SA, Kommersant reported, citing MFK. MFK now has 50 percent of Alexander Zanadvorov’s 74.8 percent stake in Seventh Continent as collateral for the debt, the Moscow-based newspaper reported today.

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To contact the reporter on this story: Paul Abelsky at pabelsky@bloomberg.net

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