UkrLandFarming to defer interest on 10 7/8% notes amid holder talks

By Susanna Moon

Chicago, March 21 – UkrLandFarming plc said it will forgo paying interest due March 27 on its $500 million 10 7/8% notes due 2018 and instead will exercise the 30-day grace period under the note terms.

UkrLandFarming has made the decision because it could restructure the interest payment due on the notes, according to a company notice.

The company said that it and Avangardco Investments Public Ltd. along with their adviser, Latham & Watkins LLP, are holding talks with an ad hoc committee of bondholders representing 40% of the 10 7/8% notes and 50% of Avangardco’s $200 million 10% notes due 2018.

UkrLandFarming is an integrated agricultural producer based in Nicosia, Cyprus, but focused on Ukraine.

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