Avangardco seeks to restructure $200 million of 10% notes due 2018

By Susanna Moon

Chicago, Oct. 29 – Avangardco Investments Public Ltd. said it that any debt restructuring proposal presented to its creditors will include a request to restructure all the principal and interest due under its $200 million of 10% notes due 2018 on Oct. 29.

The company is also asking to postpone the interest payments that were due on May 2, Oct. 30, 2017 and May 2, 2017.

Avangardco and UkrLandFarming plc are working with an ad hoc committee of bondholders regarding the treatment of the 10% notes due 2018, according to a notice.

As a result, the notes will not be redeemed nor interest paid on the redemption date, the company said.

As announced July 17, 2017, the companies appointed Ziff-Ivin Associates Ltd. as their financial adviser in addition to the companies’ legal adviser Latham & Watkins LLP to assist with the proposed restructuring of some of the group’s debt.

The debt being restructuring includes UkrLandFarming’s $500 million of 10 7/8% notes due 2018 and Avangardco’s $200 million of 10% senior notes due 2018, as well as some of the group’s bank debt.

The companies said they had begun discussions with an informal committee of noteholders and its advisers, Hogan Lovells International LLP and Ernst & Young, regarding a proposal related to the notes.

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

© 2015 Prospect News.
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