RURIC AB: Resolutions from Bondholders’ Meeting 6 May 2013

CorpNordic Sweden AB is the Agent for the maximum SEK 682,766,800 SEK, 10 %/13 %, 2010/2014 bonds (ISIN SE0003045848) issued by Russian Real Estate Investment Company AB (publ) (“Ruric”).

On 6 May 2013 a meeting of the holders of the bonds was held in Stockholm. The Agent had convened the meeting to inform the bondholders about breaches of the Terms and Conditions of the bond loan and to enable them to take appropriate actions.

At the bondholders’ meeting Ruric presented to options for restructuring that are being discussed with the bondholders’ committee. The options are described in a press release issued by Ruric on 6 May 2013 before the meeting. The press release can be downloaded from the news section of Ruric’s web page www.ruric.com.

The following resolutions detailed in the notice for the bondholders meeting were duly passed by the meeting:

  1. The bondholders’ meeting resolves that the breaches (as further set out in the Notice) may be materially detrimental to the interest of the Bondholders.

  2. The bondholders' meeting decides to commission the bondholders committee to continue negotiations with Ruric and, if it in the opinion of the bondholders committee is not possible to reach a reasonable negotiated solution within a reasonable period of time and provided an Event of Default is continuing, ask the Agent to accelerate the Bonds and enforce the security. This instruction is valid until the next bondholders' meeting. It was noted that the bondholder committee clarified that a reasonable time mean that a term sheet will be completed within two weeks and a proposal for a comprehensive agreement should be finalized within a month. Once the proposal is complete, the Bondholders will have the opportunity to consider the final proposal on a bondholders’ meeting.

In accordance with the Terms and Conditions of the Bonds, the above resolutions are binding on all Bondholders irrespective of them being present or represented at the meeting and irrespective of how and if they have voted.
The minutes of the above mentioned bondholders’ meeting will be available to Bondholders from Ruric and the Agent.

Associated companies:


Related news

Latest news

Nemko Publishes Short Notes on China

Nemko has published a some updates related to China and new initiatives regarding standards, product safety and cyber security. 

Technip and FMC Technologies Shareholders Approve Business Combination

FMC Technologies Inc. and Technip S.A. have announced that the companies' respective shareholders have voted to approve the proposed business combination of Technip and FMC Technologies.

Nordsild

The fishing vessel "North Herring" belonging to Norsild Havfiske AS with factory from Melbu Systems was in August ready for cod fishing.

One of the Strongest Earthquakes in New Zealand in 200 years

NORSAR reports that New Zealand’s South Island was struck by one of the strongest earthquakes the country has observed in the past 200 years November 13, 2016.

Jotne Subsea Gas Lift for Balder Field

In April 2015, Jotne E&P was awarded an EPC contract to build the subsea gas lift manifold for Exxon Mobil on the Balder Field.

Jotne Awarded Contract for Subsea Protection Structure

In January 2016, Jotne E&P was awarded a contract for the delivery of a subsea protection structure and GRP cover for a Xmas tree at Balder field. The contract was awarded by Ocean Installer.

UiB and CMR in high-tech collaboration

Students from UiB last month joined an experiment with an ultra-high-speed camera. This was a part of the troubleshooting of the Field Kelvin Probe currently under development.

Hatteland Display at International Workboat Show 2016

Hatteland Display are highlighting its diverse portfolio of maritime displays and panel computers on its booth (#1658) at the International Workboat Show 2016 (IWBS 2016) this week.

Servogear Announces Upcoming Events

Servogear announces a busy end of November, beginning of December. They will be participating at important international exhibitions.