TIDMMLD

RNS Number : 3668K

Mirland Development Corporation PLC

20 September 2016

MirLand Development Corporation PLC

(the "Company")

Completion of Debt Settlement with SberBank (the "Bank")

20 September 2016 - Further to the announcement made on 8 July 2016 in relation to the agreements entered into between four Subsidiaries of the Company and the Bank with respect to loans granted by the Bank, totaling approximately US$160 million (the "Debt Settlement"), the Company announces that on 20 September 2016 the Debt Settlement was completed.

Completion of the Debt Settlement is one of the conditions to the Company's settlement plan with the bondholders (the "Settlement Plan"), which has now been fulfilled.

The Company is continuing to progress the Settlement Plan and will make further announcements in due course.

All terms in this announcement have the meaning given to them in the Company's announcement made on 8 July 2016 unless otherwise defined herein.

For further information please contact:

 
MirLand Development Corporation plc 
 
 Yevgeny Steklov 
 
 Yevgeny@mirland-development.com          +357 (25) 871 785 
FTI Consulting 
 
 Dido Laurimore / Ellie Sweeney / Tom 
 Gough                                  +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

MSCSEEFISFMSEEU

(END) Dow Jones Newswires

September 20, 2016 11:24 ET (15:24 GMT)

Mirland (LSE:MLD)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Mirland Charts.
Mirland (LSE:MLD)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Mirland Charts.