XXI Century to seek 45-day deferral on Eurobond payments

XXI Century (XXIC LN) said in a release yesterday that holders of its USD 175 mln 10% guaranteed secured notes proposed the company seek a 45-day deferral of the earliest day on which payment is due under the put option of the notes (currently May 24) and interest payments (to July 8). The company said yesterday it began the consent solicitation process and served notice of a noteholder meeting on May 21 to consider the deferral. XXI Century said that as of the close of business on April 28, noteholders representing USD 134.91 mln have submitted notices indicating their intention to exercise the put option in respect to their notes.