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Iskrasoft offers investors to restructure 2nd bond issue

March 5, 2009
ZAO Iskrasoft defaulted on a put option on Series 02 bonds on March 3. The unfulfilled obligation amounts to RUR202.4m.

The issuer said that it did not have enough funds to buy back bonds and could not raise external financing either. The issuer approached bondholders with a debt restructuring offer in an attempt to find more effective ways of meeting its obligations.

The company worked out the following debt restructuring scheme:

5% - in March and August 2009,
10% - in December 2009 and August 2010,
15% - in December 2010 and August 2011,
20% - in December 2011 and August 2012.

Eastland Capital is the agent on debt restructuring.
Issue — Iskrasoft, 02
  • Status
    redemption default
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    300,000,000 RUB
  • М/S&P/F
    — / — / —
Company — Iskrasoft
  • Full name
    Closed joint-stock company Iskrasoft
  • Registration country
    Russia
  • Industry
    Trade and retail