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OGO defaults on Series 02 bonds

February 26, 2009 | Cbonds

OAO OGO Agro-Industrial Complex had a technical default on Series 02 bonds yesterday. The issuer didn’t manage to pay the 6th coupon worth RUR54.54m and the principal worth RUR840m. The obligations were not met due to temporary lack of liquidity, according to the issuer.

As reported by the Kommersant, on February 12 Moscow Arbitrage issued a ruling to arrest bank accounts of OGO following Alfa-Bank’s claim worth RUR1bn. Alfa-Bank’s claim was registered on February 6. The bank sued the issues for non-fulfillment of contract obligations, namely unpaid loan due December 30, 2008.

Issue: OGO AIC, 02

StatusDefaultCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redemption defaultYesRussia02/25/20091,200,000,000 RUB-/-/-

Company: OGO AIC

Full company nameOGO Agro-industrial company
Country of riskRussia
Country of registrationRussia
IndustryFood industry

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