LONDON, Feb 21 (Reuters) - Ad-hoc creditors holding a defaulted Russian Standard Ltd 2022 Eurobond rejected the company’s indicative proposal on the restructuring of the notes and said they would not attend a meeting scheduled for March 6.
“(The) indicated proposal is unacceptable - no base for negotiations,” the ad-hoc group, which holds 27.5 percent of the notes, said in a statement. “(The) group will continue with the acceleration process and the enforcement of the pledged shares.”
According to the document inviting creditors to the meeting in London, Russian Standard Ltd proposes to swap the notes for either 25 percent of the principal amount in cash, or 20 percent in cash plus a “contingent value rights option”. (Reporting by Karin Strohecker, editing by Marc Jones)