Russia's Richest Man Offers A Bail Out
Russia's richest man, billionaire Mikhail Prokhorov is offering a bail out to Russian financial news provider RBC. The offer comes through investment bank Renaissance Capital which is half-owned by Prokhorov. Renaissance Capital announced that Prokhorov's Onexim investment group would buy 65 percent of the new share capital for $35 million. On this news RBC's stock rose more than 30 percent. The money will be used to help repay debt and finance operations so that the company can continue to function. The company's total debt has been estimated at $200 million and $230 million.
This isn't the first time Prokhorov's name has been linked to a financial news provider, he was rumored to be buying Forbes last year although that rumor turned out to be false.