The Russian coal mining company Belon Group (Belon) has announced that it has repaired its debts of Ruble 4.8 billion (approx $ 139 million), of which Ruble 3.8 billion (approx. $110 million) have been refinanced.
Accordingly, Belon has been closely working with such creditor banks as VTB, TransCreditBank, Gazprombank, ORGRESBANK and BNP Paribas. The largest part of the debts, amounting to Ruble 1.8 billion (approx. $52 million) has been refinanced by Russian stated-controlled bank VTB.
Thus, in the fourth quarter of 2008 Belon's total debt fell by Ruble 800 million, benefitting from the exchange rate.