MirLand, shareholders agree to notify bond trustees of transactions

By Caroline Salls

Pittsburgh, Jan. 26 – MirLand Development Corp. plc has agreed not to complete any transactions involving significant obligations without first notifying the trustees of its series A though F bondholders, according to a news release.

In addition, the company said controlling shareholders Jerusalem Economy Ltd., Industrial Buildings Corp. Ltd. and Darban Investments Ltd. and MirLand wholly owned subsidiary Dunchoille Holdings Ltd. agreed not to dispose of any of the company’s debentures they hold without notifying the bond trustees.

MirLand said its agreement with the bond trustees will give it and the trustees an interim period to agree to a restructuring of the company’s debt that addresses challenges posed by the current instability in the Russian economy.

The company said its obligations under the agreement cease in the event of any enforcement action.

MirLand is a Cyprus-based real estate developer that primarily functions in Russia but also has subsidiaries in Israel and Hungary.

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