Restructuring Russian boxship and bulker group Fesco has arranged fresh finance with VTB Bank worth up to $680m.
The company said the cash will be used to repay or settle a significant portion of existing liabilities.
Group company Commercial Port of Vladivostok (VMTP) will be the designated borrower.
The credit line matures over five years to pay for the reorganisation of its 8% senior secured notes due 2018, the 8.75%
