Petropavlovsk PLC - London-based gold producer - Says a sum of USD157,880 and a coupon payment of around USD680,625 became due on June 27 and July 3, respectively, in relation to its USD125 million 8.25% guaranteed convertible bonds due 2024. Roughly USD33 million of the bonds are still outstanding in total. Updates its events of default notice from April 29 to include these sums.
In April, the company explained that it was unable to make interest payments to Moscow-based Gazprombank, due to the sanctions imposed on the Russian lender, its limited cash reserves outside Russia, and legal restrictions in the country that limit its ability to transfer cash outside of it. Therefore, it decided to default on loan repayments that are owed to the bank.
Current stock price: 1.30 pence, down 6.1% in London on Monday
12-month change: down 94%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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