MTS says not hit by major holder Sistema’s 8.9 bln rbl debt default

MOSCOW, Aug 29 (PRIME) -- A recent 8.9 billion ruble default by Russian multi-industry holding Sistema is not impeding operating activities of its core asset, large mobile operator MTS and has no consequences for the carrier’s debt, MTS said on Tuesday in a statement.

“The arrest of Sistema’s 31.76% stake in MTS’ capital and the corporation’s technical default are not obstructing MTS’ operating activities and are not bringing any consequences for its debt,” the operator said.

On Monday, Sistema announced the default following arrest of some its assets, including the stake in MTS, in the course of oil major Rosneft’s multi-billion lawsuit against Sistema, which lost the case, but plans to appeal the decision.

The default has become Sistema’s second after a 3.9 billion ruble default announced in July. MTS said then that its operations were not affected.

(58.5469 rubles – U.S. $1)

End