IN BRIEF: Petropavlovsk falls on inability to pay USD12 million coupon
Petropavlovsk PLC - London-based gold mining company with operations in Russia - Says its revolving credit facilities have been moved to Nordic LLC from Gazprombank. Says it is unable to pay the USD12.4 million coupon due on May 14 in respect of the USD500 million 8.125% guaranteed notes issued by Petropavlovsk in 2016. Explains that this is a result of its inability to extract cash from its Russian subsidiaries in the current environment, as well as the acceleration of its USD201 million term loan. Continues to contemplate the sale of its subsidiaries to settle its debt.
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