Paraguay’s Frigorifico Concepcion seeks default waiver regarding 10¼% notes due 2025

By Rebecca Melvin

New York, July 10 – Frigorifico Concepcion SA is soliciting the consent of holders of its $100 million of 10¼% five-year senior secured notes due 2025 (Cusips: 358649AA9 and P40568BW9), according to a press release.

The solicitation is related to waiver of any deemed or actual default related to the so-called Rubezh judgment. If approved, the waiver would waive any deemed or actual default or event of default arising as a result of the court judgment rendered against the company on Jan. 25, 2018 by the Arbitrazh Court of Saint-Petersburg and Leningrad region of Russia for the payment of a $5,337,681 claim by General Good Corp. “Rubezh” LLC.

A waiver is related to but not limited to any alleged deemed or actual failure to comply with any related notification requirements under the indenture, and rescission of any alleged, deemed or actual acceleration if any of the notes and any consequences in connection with such deemed or actual event of default.

If the waiver becomes effective, the amount of the Rubezh judgment would not be taken into account in calculating the aggregate amount of undischarged judgments.

The majority of holders must consent to the waiver for it to become effective, and most holders have indicated that they will consent to the solicitation.

The company will pay a $2.50 per bond consent fee to holders who validly deliver consents.

The company will host a conference call for holders of the notes at 11 a.m. ET on July 14, and the consent solicitation expires at 5 p.m. ET on July 17.

Oppenheimer & Co. Inc. (212 667-7424) is the solicitation agent in connection with the consent solicitation, and Global Bondholder Services Corp. (212 430-3774: contact@gbsc-usa.comoration) is the information and tabulation agent.

The meat company is based in Asuncion, Paraguay.

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