Ukrlandfarming and Avangard in talks with creditors' committee on eurobonds restructuring
Ukrlandfarming and Avangard are in talks with the creditors' committee on restructuring their eurobonds, Avangard reported on the website of the London Stock Exchange.
The company has not given the details of the negotiations, which will be made public later.
At the same time, Avangard notes the offer will also include the restructuring of interest income on Ukrlandfarming notes to be paid on March 27. Ukrlandfarming intends to make use of the 30 business day grace period to pay the coupon.
Avangard also said that the committee of bondholders represents approximately 40% of the Ukrlandfarming notes and approximately 50% of the Avangard notes.
Latham & Watkins law firm acts as an advisor of the holdings. Hogan Lovells International and Ernst & Young are advisors of the committee of bondholders.
As reported, one of the bondholders of Ukrlandfarming initiated a phone conference with other bondholders to discuss the payment of the interest on March 27.
The initiator of the conference call is alarmed with the possible nonpayment of the interest at the end of the month.
Ukrlandfarming is the largest agricultural holding in terms of land bank in Eurasia. It plants grain crops, produces eggs and egg products, breeds cattle, sells machinery, fertilizers and seeds.