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AirUnion lacks money for coupon payment

November 18, 2008
A technical default on AirUnion’s debut bonds will become reality today. The company hasn’t found money to make a coupon payment within one week. On November 11 the issuer didn’t transfer RUR41.13m of ACI to Rosbank, the paying agent on the issue. Rosbank has confirmed today that they have not received any transfer from AirUnion yet. The bank has no information as to when the issuer intends to pay its obligations.

Managing director of AirUnion Sergey Vnukov could not name a specific date of a refund in a telephone conversation with Cbonds stating that they were searching for funds but lacking them at the moment.
Issue — AirUnion, 01
  • Status
    redemption default
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    1,500,000,000 RUB
  • М/S&P/F
    — / — / —
Company — AirUnion
  • Full name
    OOO AirUnion
  • Registration country
    Russia
  • Industry
    Transportation