XXI Century continues struggling with Eurobond restructuring
12 January 2011
XXI Century’s noteholder meeting scheduled for January 10 failed to take place due to the lack of 75% quorum (72.37% of noteholders were present), the company reported. The meeting was to decide on whether to accept the company’s restructuring offer to exchange the USD 222 mln notes for equity (at a proportion USD 1,000 of notes for 763 ordinary shares valued at a total of USD 57) as part of broader restructuring offer (incl. the attraction of the new strategic investor controlled by Renaissance Capital). The adjourned meeting is scheduled for January 25 and requires 25% quorum.
