Avangard agroholding, the largest egg producer in Ukraine, plans to restructure its eurobonds worth $200 million due on October 29, 2015 for three years, until 2018.

The company said on the London Stock Exchange (LSE) on Thursday that in September the company held talks with bondholders and some of them who hold 36% of the bonds gave their consent to the proposed conditions of the debt restructuring.

They foresee that 10% six-month coupon will be retained, but its larger part will be paid using the payment-in-kind scheme. The first coupon on October 29 will be paid in cash by 40% ($4 million), in 2016 – 25% of the coupon, and in 2017 – 50% of the coupon. The first coupon of 2018 will be paid in cash by 75%, and the last – 100% of cash.

The company said that on September 17 it asked the High Court of Justice of England and Wales to approve the amendments to the conditions of the bond issue.

The first hearing on the issue is scheduled for September 24, 2015.

If the court approves the deal, all the bondholders will be able to approve or reject the scheme at a meeting scheduled for October 22, 2015.

If the majority of the bondholders who totally hold two thirds of the securities approve the deal, it will be presented to the court for ratification at the second hearing scheduled for October 26, 2015. If the court approves the deal, it will be mandatory for all of the bondholders.