Tuesday 16 July 2013

Ukraine's Agroton says can't pay bond coupon after Cyprus blow | Reuters

Ukraine's Agroton says can't pay bond coupon after Cyprus blow | Reuters:

"Ukrainian agricultural firm Agroton said on Tuesday it lacked cash to pay an upcoming coupon on a $50 million bond after most of its funds were frozen in a Bank of Cyprus account and it said it may try to amend the terms of the bond.

Under an international bailout agreed in March, heavily indebted Cyprus froze deposits of more than 100,000 euros at the Bank of Cyprus, its largest lender, and indicated that depositors would lose some of their money.

Agroton said in a statement that out of about $4.5 million it had had in the bank at the end of March, $1.6 million had been converted into equity, $1.0 million had been written off and $1.9 million remained frozen."

'via Blog this'

No comments:

Post a Comment