Ukrlandfarming promises to restructure missed coupons on Eurobond

Ukraine’s leading agricultural holding Ukrlandfarming
(UKRLAN) announced on Sept. 28 that its coupon due on Sept. 26 won’t be paid.
Instead, the holding is working on a debt restructuring offer that will include
a restructuring of September’s coupon, along with the coupon that it did not payin March 2017.

Alexander Paraschiy: There is no surprise in Ukrlandfarming’s announcement, given that the
holding reached no progress in its talks with creditors since its default on
its coupon payment in March. Now the total amount of overdue coupons on UKRLAN
bonds has reached USD 59 mln. We also expect that related holding Avangardco
(AVINPU, AVGR LI), whose coupons on Eurobonds were due in late April and will
be due in late October, will issue a similar statement. Our position remains
that there is little value in both UKRLAN and AVINPU bonds.