BLOOMBERG - According to a filing, Russian social network operator VK Co. Ltd. may lack the cash to redeem its convertible bond and will start talks with bondholders to find alternative options. If trading in VK's stock doesn't resume before the end of the day on Mar 16, a delisting clause in the company’s convertible bond documentation will be triggered, allowing bondholders to request converting their debt into equity or repaying the bond. The principal outstanding on the convertible bond maturing in 2026 is $400M, and the company had $140M of liquidity in foreign currency.
by Giulia Morpurgo & Irene Garcia Perez
See full article at Bloomberg
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