Avangardco skips coupon on 10% notes as it talks with holders

New York, May 2 – Avangardco Investments Public Ltd. said it will not make the interest payment due May 2 on its $200 million of 10% notes due 2018.

The issuer said it is in discussions with an ad hoc committee of holders of the notes and of UkrLandFarming plc’s $500 million of 10 7/8% notes due 2018.

The proposal being discussed with holders may include a request to restructure the April 2017 interest payment that is due on May 2.

Avangardco has a 14-day grace period under the terms of the notes.

The ad hoc committee represents holders of 50% of the Avangardco notes and 40% of the UkrLand Farming notes, according to a news release.

Avangardco is a producer of eggs and egg products based in Kiev, Ukraine.

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