State Backs PIK's Debt
- Sep. 18 2009 00:00
The government stepped in to ease the debt woes of PIK Group, a key provider of low-income housing, on Thursday with a 14.38 billion ruble ($469.9 million) loan guarantee.
PIK's talks to restructure its debts are the most closely-watched in Russia's real estate sector, hard hit by falling family budgets as unemployment has risen and the ruble's purchasing power declined.
(Reuters)