28 September 2017 – UkrLandFarming PLC (“ULF”) and Avangardco Investments Public Limited (“AVG”), and their advisors, Latham & Watkins LLP and Ziff-Ivin Associates Ltd, continue to be engaged in discussions with various creditor groups. As part of these discussions, they have begun working with an ad hoc committee of bondholders (the “Committee”) and its advisors, Hogan Lovells International LLP and Ernst & Young LLC, regarding the treatment of ULF’s U.S.$500,000,000 10.875 per cent. Notes due 2018 (Regulation S ISIN: XS0908502452 / Rule 144A ISIN: US903726AA55) (the “ULF Notes”) and AVG’s U.S.$200,000,000 10.0 per cent. Notes due 2018 (ISIN: XS0553088708) (the “AVG Notes”, and together with the ULF Notes, the “Notes”). The Committee represents approximately 40% of the ULF Notes and approximately 50% of the AVG Notes. The company expects that any restructuring of the company’s debt including the Notes (the “Proposal”) will include a request to restructure the interest payment due under the ULF Notes on 26 September 2017 (the “September 2017 Interest Payment”), in addition to the interest payment that was due under the ULF Notes on 27 March 2017. Consequently, the September 2017 Interest Payment will not be paid on 26 September 2017.
UKRLANDFARMING PLC SEPTEMBER 2017 INTEREST PAYMENT
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