Wissol Violates Loan Schedule with OPIC- Company did not Pay 1.5 million USD

TBILISI(BPI)- Wissol company has violated the loan payment schedule with OPIC.

D&B Georgia, a 100% stake owner of the company, had to pay the principal sum of the 1.5 million USD loan taken for Dunkin network development in February 2018.

The 2017 financial report approved in early December 2018 says that the company management is conducting negotiations on the loan restructuring and they hope to achieve agreement on revised payment schedule. 

It is noteworthy that the Dunkin network has intensified operation and services, but it bears losses. In 2017 Its revenues rose to 9 million GEL from 7.62 million GEL, while the operational losses made up 4.11 million GEL. The total annual losses constituted 6.28 million GEL. At the same time, consolidated losses at the end of 2017 constituted 21 million GEL. 

According to the founder’s letter of November 27, 2018, the stakeholders show readiness to provide additional financial resources for the company. The management believes that the company is capable of continuing operation in the foreseeable future. 

It should be noted that in 2019 Dunkin plans to open 6 restaurants. The company opened 6 ones in 2018 too.
The company also plans to introduce new products into the retail segment.

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