XXI Century negotiates USD 86 mln debt restructuring

Yesterday Interfax reported that XXI Century (XXIC LN) is negotiating with Ukrsibbank and Eurobank EFG to restructure USD 86 mln of debt. XXI Century said that the negotiations are being finalized. Andriy Gostik: The biggest risk XXI Century is currently facing is likely realization of put option by its Eurobond holders expected in May. The developer has USD 175 mln worth of Eurobonds outstanding. Another material upcoming expense is coupon payment on the bonds of USD 8.75 mln also scheduled for May. Unless the redemption of the bonds is restructured, XXI Century with high likelihood is looking toward default.