Mirland Development Corporation PLC Bonds update (0849D)
January 26 2015 - 4:00AM
UK Regulatory
TIDMMLD
RNS Number : 0849D
Mirland Development Corporation PLC
26 January 2015
26 January 2015
MirLand Development Corporation plc
("MirLand" or the "Company")
Bonds update
Further to its announcement on 8 January 2015, MirLand today
announces that, on 25 January 2015, following consultation with
trustees of the Series A-F bondholders (the "Trustees"), it has
agreed not to undertake certain transactions which would involve
incurring any material obligations without giving the Trustees the
agreed prior notice (the "Agreement").
The Agreement has been reached in order to allow the Company and
the Trustees an interim period ("Interim Period") to agree a
restructuring of its debt which addresses the challenges posed by
the current instability in the Russian economy for the benefit of
all the Company's creditors and shareholders.
The Company's obligations under the Agreement cease in the event
of any enforcement action being taken against the Company.
Furthermore, the Company's controlling shareholders, Jerusalem
Economy Ltd., Industrial Buildings Corporation Ltd. and Darban
Investments Ltd., as well as Dunchoille Holdings Ltd. (a subsidiary
wholly owned by the Company), have undertaken that, during the
Interim Period, no disposal will be made by them of any of the
Company's debentures held by them, unless they give the Trustees
prior written notice specifying the particulars of the
transaction.
The Company will continue to engage proactively with the
Trustees in order to reach a mutually beneficial agreement and will
keep the market updated.
MirLand Development Corporation +7 495 787 49
plc 62
Roman Rozental +7 499 130 31
roman@mirland-development.com 09
FTI Consulting
Dido Laurimore / Nick Taylor/Ellie
Sweeney +44 20 3727 1000
Investec Bank plc
Jeremy Ellis / David Anderson +44 20 7597 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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