Russia’s Interprombank to file for bankruptcy of FESCO

MOSCOW, Nov 29 (PRIME) -- Russia’s Interprombank plans to submit a suit seeking bankruptcy of Far Eastern Shipping Company (FESCO), as seen by PRIME on Monday in materials of the federal register of companies activity.

Currently, FESCO is holding negotiations to restructure its debt. The company offered holders of its debt a one-time payment of 50% of outstanding Eurobonds and ruble bonds, while owners wanted redemption of 85%.

On May 4, FESCO said it will not pay coupons on 2018 Eurobonds with an 8% yield and on 2020 Eurobonds with an 8.75% yield. FESCO planned to finish restructuring of the Eurobonds until December 2016.

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