X5 denies it is considering issuing equity for debt

Russian chain X5 Retail Group is denying information published in the Russian media reporting that it is considering issuing equity for debt repayment or that its USD1.1 billion syndicated loan (with maturity in December 2010) may be swapped for shares. It is estimated that over 60% of X5 debts are in USD, which is causing problems by their repayment as the Russian Rouble is devaluing.