Friday 4 April 2014

Victor Pinchuk's Interpipe company has debt downgraded to junk by Fitch | theguardian.com #EuroMaidan

Victor Pinchuk's Interpipe company has debt downgraded to junk by Fitch | World news | theguardian.com:



"

The Pinchuks’ house in Kensington was bought for £80m and houses an art collection that includes work by Damien Hirst. Photograph: Richard Young / Rex Features
A major company owned by one of Ukraine's wealthiest oligarchs – who boasts a £2bn fortune and counts Tony Blair, Bill Clinton, Elton John and Damien Hirst among his friends – has had its debt downgraded to junk amid concerns about its finances.



Victor Pinchuk, who was reported last year to be bankrolling the former British prime minister's Faith Foundation and owns an £80m home in London, controls the Ukraine industrial pipe manufacturer Interpipe, which is struggling to repay creditors.



The financial crisis at his company comes as the tycoon has become a vocal supporter of the new Ukraine regime – despite his businesses deriving a significant chunk of their sales from Russia."



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