F&C Bank proposes restructuring USD 100 mln debt

A Finance & Credit Bank spokesperson said yesterday that the bank submitted proposals to restructure over USD 100 mln in foreign debt to a committee of creditors, according to Interfax. The bank reportedly was asking to increase interest rates and adjust the repayment schedule, but was not seeking to write off any of the debt. In December, Finance & Credit Bank Eurobond holders accepted a restructuring offer for its USD 100 mln issue: extending 95% of the principal out four years to January 25, 2014 and to increase the coupon from 10.375% to 10.5%.