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GT TETS Energo defaults on Series 04 bonds

September 3, 2009 Cbonds
GT TETS Energo is in a technical default on Series 04 bonds. The issuer failed to pay a coupon and redeem the issue on September 2, the company said. The missed payment totals RUR 2,106.8m. The obligations were not fulfilled as Moscow Inspectorate of the Federal Tax Service #3 didn’t comply with a decision of Moscow Court of Arbitration regarding VAT refunds.

The issuer also didn’t pay the 5th coupon on the issue in March 2009. The issue amounts to RUR2bn.
  • Status
    redemption default
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    2,000,000,000 RUB
  • М/S&P/F
    — / — / —
Company — GT TETS Energo
  • Full name
    Open joint stock company GT TETS Energo
  • Registration country
    Russia
  • Industry
    Other sectors