1st Apr 2015 10:27
LONDON (Alliance News) - MirLand Development Corp PLC on Wednesday said it has struck an indicative deal with the trustees of its bondholders to restructure the terms of its bond deals.
MirLand, the Russian real estate developer, said that under the terms of the restructuring, payments of principal will be postponed for 3.5 years. The interest payments due on the bonds will be paid in full once the restructuring has been approved.
MirLand's majority shareholders will also participate in a pre-emptive USD15 million equity issue, with half to be subscribed for following the approval of the restructuring plans and the other half to be subscribed for in 2016. The majority shareholders will commit to take up the entire equity issue not subscribed for by other shareholders.
MirLand shares were untraded Wednesday, having last traded at 51.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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