Boris Minets does not pay bonds

SPV - O1 Group company does not pay bonds for 22 billion rubles, in total it issued bonds worth 87 billion rubles.
SPV - O1 Group company Boris Mints, "О1 group finance", has admitted one more default on bonds. The company could not pay the fourth coupon for 124.65 million rubles. for the release of 5 billion rubles., follows from her message. The reason is the lack of funds in the current account. Earlier in this issue, the company did not pass the offer. Today, on June 19, these bonds ended the term of technical default, and it became real.

This is the third real default on the bonds "О1 group finance" - the company has five bond issues worth 87 billion rubles. The guarantor for them is O1 Group Limited. In May, the company did not pay the coupon on the issue for 14 billion rubles, and then - for the release of 3 billion rubles. "O1 group finance" reported on plans to restructure the bond issue for 14 billion rubles.

The default on bonds "О1 groups of finances" touched another structure belonging to O1 Group - O1 Properties. After the technical default of "О1 groups of finance" on securities of 14 billion rubles. Moody's lowered the rating of O1 Properties from B1 to B3, leaving it on the revision with the possibility of further downgrade. In June, the rating of O1 Properties reduced S & P, explaining this increased likelihood of a change in control in the company. And in the event of a change of control, creditors of O1 Properties may raise a demand for immediate payment of the debt. This provides for the terms of issuance of Eurobonds for $ 350 million with repayment in 2021, as well as for the bulk of the company's secured loans.

O1 Properties can go under the control of Cyprus Riverstretch Trading & Investments (RT & I), the sources of Vedomosti reported. This company was hired by the concern Rossium Roman Avdeyev - to work on structuring the deal to return the funds after the Moscow credit bank (IBC), controlled by Rossiyu, transferred the debt of the O1 Group to the concern in the amount of 25 billion rubles. The pledge for this debt is a controlling stake in O1 Properties, analysts at S & P write. 62.5% were pledged, Moody's said, and a large payment of O1 Group for this debt is due in June. If O1 Group does not fulfill its obligations under the loan, it may lose control over O1 Properties, Moody's analysts wrote.