XXI Century sells two projects for USD 1.5 mln

Real estate developer XXI Century sold two of its projects to Renaissance Capital group for USD 1.5 mln (with a buy-back option for XXI Century attached) to have enough liquidity to keep the company operating in the nearest future until recapitalization, the company announced yesterday in a press release. Negotiations on the equity infusion were conducted with Renaissance itself and it is still unclear whether they are going to be successful. On Wednesday, company noteholders approved a delay in the first USD 20 mln principal payment on USD 222 mln notes from November 24, 2010 to May 24, 2011. The bonds did not seem to react to news of the asset sale yesterday and are now trading at close to 10% of par.