Mirland Development Corporation PLC Update re the Settlement Plan and Bonds Rating (4823J)
December 17 2015 - 11:54AM
UK Regulatory
TIDMMLD
RNS Number : 4823J
Mirland Development Corporation PLC
17 December 2015
17 December 2015
MirLand Development Corporation plc
("MirLand" or the "Company")
Update regarding the Settlement Plan and Bonds Rating
MirLand, one of Russia's leading residential and commercial
property developers, announces that, further to the Company's
previous announcements regarding the approval of the Series (A-F)
bondholders (the "Bondholders") to the Settlement Plan with the
Company (the "Settlement Plan"), the Bondholders in a joint meeting
convened on December 15, 2015, consented to the following
amendments to the Settlement Plan:
1. The final date for the completion of the conditions precedent
under the Settlement Plan will be extended to February 28,
2016.
2. To the extent JEC, IBC or Darban ("the Company's controlling
shareholders") (the "Controlling Companies") decide, at their sole
discretion, to provide funds to the Company prior to completion of
the Settlement Plan, such funds will be considered as an Advance
Payment (as defined in the Settlement Plan).and as such will be
deducted from the total amount required to be provided by the
Controlling Companies to the Company under the Settlement Plan . To
the extent that the settlement under the Settlement Plan does not
complete by the final date, the terms of repayment of the Advance
Payment, including the interest rate payable by the Company and the
maturity date, are to be agreed between the Controlling Companies
and the Company, subject to all approvals that are required.
In addition, the Company announces that Midroog, a subsidiary of
Moody's Investor Services, the credit rating agency, set the credit
rating for MirLand's Series A, B, D, E and F Bonds to B3 with
negative outlook on a local Israeli scale.
For further information, please visit
www.mirland-development.com, or contact:
MirLand Development Corporation +7 495 787 49
plc 62
Roman Rozental +7 499 130 31
roman@mirland-development.com 09
FTI Consulting
Dido Laurimore / Tom Gough
/ Ellie Sweeney +44 20 7327 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
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