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IzhAuto fails to buy back Series 02 bonds

December 17, 2008 | Cbonds

IzhAuto defaulted on a put option yesterday failing to buy back Series 02 bonds in the amount of RUR2bn, the company informed. The issuer was supposed to buy back the bonds at 100% of par value. MDM-Bank as the arranger on the issue confirmed the issuer’s technical debt servicing default resulting out of liquidity shortage. It is not known yet when the company will be able to settle this obligation. The company top management is now holding talks in Moscow trying to resolve the issue with refinancing the company’s debt.

Issue: IzhAuto, 02

StatusDefaultCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redemption defaultYesRussia06/09/20112,000,000,000 RUB-/-/-

Company: IzhAuto

Full company nameopen joint stock company IzhAuto
Country of riskRussia
Country of registrationRussia
IndustryEngineering industry

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