Tractor Plants fail to pay $14m coupon on $165m bonds
Promtractor-Finance, an SPV firm of Cheboksary-based Tractor Plants concern, has defaulted on the fourth coupon payment of $14m on the third-series bonds, news agency RIA Novosti reports.
This is not the first time the company fails to make payment on these bonds. Specifically, in Fenruary 2010 the company failed to redeem $63m bonds at a buy-back offer, and in January 2010 the company defaulted on the coupon payment on the same bonds.
The five-year $165m bonds were placed in June 2008.
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