1 Nov '08
Novosibirsk-based book store chain Top Kniga is getting ready to repay all of its second series bonds $55.5m. The redemption offer is to take place on December 17 this year, Vedomosti reports.
In anticipation of the redemption, the company has temporarily suspended payments to its suppliers and subcontractors. So far, the payment gaps have been from 10 to 180 days, the company reports.
The firm has asked the suppliers to wait longer and promised to resume paymens in early 2009, the company's financial director Andrey Aksyonov said.