30 October 2017 – Avangardco Investments Public Limited (“AVG”) and UkrLandFarming PLC (“ULF”), 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 AVG’s U.S.$200,000,000 10.0 per cent. Notes due 2018 (ISIN: XS0553088708) (the “AVG Notes”) and 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 together with the AVG Notes, the “Notes”). The Committee represents approximately 50% of the AVG Notes and approximately 40% of the ULF 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 AVG Notes on 30 October 2017 (the “October 2017 Interest Payment”), in addition to the interest payment that was due under the AVG Notes on 2 May 2017. Consequently, the October 2017 Interest Payment will not be paid on 30 October 2017.
