Burgo Group signed an agreement with medium term lending banks

   Moscow. Feb 26, 2010. /Lesprom Network/. Burgo Group has signed an agreement with its medium term lending banks that provides an adjusted amortisation schedule compatible with perspective cash flows, company said in a press release received by Lesprom Network.

The agreement maintains the final maturity of medium term debt at December 2015 and incorporates the confirmation of their commercial credit lines for the next years.

The company's sales for the year 2009 were Euro 2.1 billion (Euro 2.5 billion in 2008).

EBITDA is foreseen to increase from 3.7% of sales in 2008 to more than 8% in 2009 while total debt at 1.1 billion Euro is significantly lower than in the previous year. The results of year 2009 show a return to profitability before extraordinary items, the company said.

Established in January 2007, the Burgo Group is Southern Europe’s main producer of graphic papers for printing.