BEETHAM’S Russian investor, Mirax, has been saved from collapse after agreeing a debt restructuring package.

The Moscow-based corporation and Alpha Bank have come to an arrangement for paying back £150m of owed money. Mirax had already informed the Daily Post that its £1bn London tower scheme in partnership with Beetham was not under threat.

The latest news frees the company's assets from a court freeze.

Billionaire owner Sergei Polonsky said: “Our colleagues from Alpha Bank have shown great understanding and flexibility in a complex situation, and as a result we could restructure our debts using a range of financial instruments, such as cash assets and real estate property.

“I am personally grateful to Mikhail Fridman for his strong-willed decision to adjust Alpha Bank’s stance, which enabled this agreement to be reached.”

The repayment of the loan will be postponed by up to 18 months, the bank said.

Last month, a Moscow court froze some of Mirax's landmark developments following the company's failure to repay the loan. The debt was bought by Alpha Bank in July from Credit Suisse at a 75% discount.

Mr Polonsky was reported as saying at one point that, if the company was going down, it would be with its head held high.

He agreed to invest in Beetham’s £1bn Blackfriars Tower after meeting Stephen Beetham last year.

The company took a 50% stake in the development, helping to secure Beetham’s own future.

It was finally granted planning permission in March following an inquiry last year.

Mirax always insisted the project was safe, but the news of restructuring should still come as a relief for the Beetham board.