Zanadvorov Repays $560 Million Using Alfa Loan, Kommersant Says
Alexander Zanadvorov, owner of Russian food retailer OAO Seventh Continent, repaid a $560 million personal loan to creditors, including U.S. hedge fund Spinnaker and Deutsche Bank AG (DBK), Kommersant said.
The repayment allowed him to free 75 percent shares of Seventh Continent which had been used as collateral, the Moscow- based newspaper said citing unidentified people familiar with the matter. Zanadvorov got the money from Russia’s Alfa Bank by pledging 70 stores as a collateral, according to Kommersant.
The businessman plans to use Seventh Continent shares to secure a $650 million loan from state-run VTB Group, the newspaper said.
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