The bondholders of FESCO’s default BO-01 series securities approved the transfer of missed payments on October 27, reported the company during the general meeting of bondholders in the form of absentee voting. Now FESCO is obliged to pay 74.8 rubles for a bond series BO-01 no later than October 27, 2017. In early May, the Far Eastern Shipping Company offered creditors to postpone the repayment period for the default BO-01 series and negotiated about payments for the fourth coupon of bonds under the new agreement. FESCO agreed with holders of bonds BO-01 on the restructuring of this series in January 2017. The company placed bonds of the series in 2015 with a maturity date of February 27, 2018.
FESCO also reported that it postpones the publication of financial results under IFRS on the results of 2016 due to ongoing negotiations on the restructuring of the company’s debt with creditors.
The company’s financial report for 2015 reported a loss of 11.5 billion rubles, a significant excess of short-term liabilities over current assets and a risk of suspension of its operating activities.
Transport group FESCO is one of the largest private transport and logistics companies in Russia. FESCO’s main shareholder is Ziyavudin Magomedov’s Suma group (32.5% of shares), GHP Group (23.8%) and TPG (17.4%).