February 8, 2018 / 12:24 PM / 10 months ago

Russian Standard Ltd creditors to start legal action on defaulted bond

LONDON, Feb 8 (Reuters) - An ad-hoc creditor group holding a defaulted Russian Standard Ltd 2022 eurobond is planning to accelerate the notes and start court proceedings, a source said on Thursday.

Russian Standard Ltd, a company linked to Rustam Tariko who owns Russian Standard Bank, defaulted on the eurobond late last year. The bond was secured by a 49-percent stake in Russian Standard Bank.

“The first step is to accelerate the notes, the second step is to start court proceedings in Russia to enforce the pledged shares,” one member of the ad-hoc creditor group, speaking on condition of anonymity. (Reporting by Karin Strohecker and Claire Milhench)

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