July 17, 2017 / 7:02 AM / a month ago

BRIEF-Russia's Sistema in technical default on 3.9 bln rbl debt

July 17 (Reuters) - Russian business conglomerate Sistema says:

* As of July 17, 2017, a technical default had occurred on credit obligations of Sistema amounting to approximately 3.9 billion roubles ($66 million);

* The technical default took place due to the ongoing arrest of shares of MTS , Medsi and Bashkirian Power Grid Company owned by Sistema and its subsidiary Sistema-Invest, which was imposed by the Republic of Bashkortostan Arbitration Court as part of legal proceedings initiated by Rosneft , Bashneft and later joined by the Republic of Bashkortostan;

* Sistema stresses that non-compliance with certain conditions of some of its credit facilities, which triggered the technical default, is driven exclusively by the arrest of the above-mentioned assets and is purely formal in nature;

* Sistema is servicing its credit and financial obligations in a timely manner and in full, and plans to continue doing so in the future. Source text for Eikon: Further company coverage: ($1 = 59.1420 roubles) (Reporting by Moscow Newsroom)

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