Pizza firm DP Eurasia files for bankruptcy of Russian business (updated)
21/08/2023 07:24
(Adds background in paragraph 2, details in paragraph 3-4)
Aug 21 (Reuters) - DP Eurasia DPEU.L , which runs the
Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia,
said on Monday it would file for bankruptcy of its Russian
business, ending a sale process for the unit it started late
last year.
In December, the company said it was considering options for
its Russian operations, including a divestment, as a flurry of
Western firms exited Moscow following its invasion of Ukraine.
"With the increasingly challenging environment, DPRussia's
immediate holding company is now compelled to take this step,
which will bring about the termination of the attempted sale
process of DPRussia as a going concern and, inevitably, the
group's presence in Russia," DP Eurasia said in a statement.
The company said the unit's external debt of about 520
million roubles ($5.56 million) had been settled by DP Eurasia's
Turkish subsidiary, reducing the group's gross debt and
resulting in a gross cash balance of 162 million liras ($5.97
million).
($1 = 93.4900 roubles)
($1 = 27.1564 liras)
(Reporting by Eva Mathews in Bengaluru; Editing by Dhanya Ann
Thoppil and Savio D'Souza)
((Eva.Mathews@thomsonreuters.com;))