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. Last Updated: 07/27/2016

Prokhorov’s Bank to Advise Mirax Group

Billionaire Mikhail Prokhorov’s Bank MFK will advise financially strapped skyscraper builder Mirax Group on revamping its debt, the companies said Thursday.

MFK will act as adviser and agent on upcoming debt talks, they said in a statement.

“The idea of Prokhorov in this deal might be to defend Mirax from Alfa Bank and other creditors in exchange for getting its real estate projects at a discount,” said Julia Gordeyeva, an analyst at Deutsche Bank.

Mirax agreed Sept. 15 to revamp its $250 million debt with Alfa Bank, controlled by billionaire Mikhail Fridman.

The developer’s total debt exceeds $700 million, according to Gordeyeva. Mirax says it has 12 million square meters of development projects, of which 10 million were frozen last autumn because of a lack of financing.

Alfa Bank is known as a persistent debt collector. The bank said Thursday it had filed for the bankruptcy of two subsidiaries of United Company RusAl. Prokhorov is a stakeholder in RusAl.