OOO Banana-Mama failed to exercise a put option on Series 02 bonds worth RUR1.5bn on Friday, according to Troika Dialog, the agent on the put option.
The issuer also defaulted on a RUR 86.01m coupon payment last week.
The 2nd bond issue worth RUR1.5bn was placed in August 2007 at 11.5%. It was arranged by Troika Dialog.
The issue is guaranteed by OOO Trial, which is undergoing a bankruptcy procedure launched in November 2008.