Avangard agricultural holding, as part of ongoing discussions with the various groups of creditors, has began work with a special committee of bondholders and its adviser on the proposal to restructure its eurobonds for $200 million with a 10% interest rate maturing in 2018.

"The company expects that any restructuring of its debt, including eurobonds, will include the request for restructuring interest payments on eurobonds due on May 2 and October 30, 2017," the company said in a report for the nine months of 2017.

"Avangard said its total debt for the nine months of this year increased from $344.1 million to $365.1 million, while net debt from $331.5 million to $347.9 million. Eurobonds account for 63% of the debt, which is 86% nominated in U.S. dollars and euros.

The company said out of this amount in 2017 it will have to pay $36 million, while in 2018 some $254 million, including $236 million on eurobonds, and in 2019 some $19 million.

According to the report, Avangard's free cash at the end of September was $17.2 million against $12.6 million at the beginning of the year.