Russian internet firm VK appoints advisers for $400 million bonds
(Reuters) – Russian web group VK on Monday appointed monetary advisers for proposals to be made to holders of its $400 million bonds who search to demand their redemption rights, simply weeks after flagging points with servicing its debt.
The London-listed agency, which additionally runs e mail supplier mail.ru and has operations in gaming and training know-how, noticed its shares plummet following a U.S. sanction on its chief government that dramatically modified VK’s prospects.
The corporate stated on Monday it has appointed Aspring Capital and Serdika Monetary Providers to develop choices for holders of its senior unsecured convertible bonds due 2025 to handle occasions “exterior the management of the corporate”.
The West has imposed heavy sanctions on Russian billionaires, firms and officers in an try and power Moscow to withdraw from Ukraine after its invasion of the neighbour on Feb. 24. Russia has referred to as its actions a “particular navy operation”.
VK’s shares have been banned from buying and selling since March 3.
The corporate stated earlier this month that it might not have sufficient liquidity to pay its debt holders if most of them demand to redeem the debt – which they’re entitled to within the occasion that buying and selling of its GDRs remained suspended for 10 consecutive days.
(Reporting by Amna Karimi in Bengaluru; Enhancing by Maju Samuel)
