AFK “System” has again announced a technical default

TASS, August 28. AFK “Sistema” announced the attack on 28 August a technical default on credit obligations of 8.9 billion roubles, is spoken in the message of the company. The official representative of “the System” Sergei Kopytov said that this was a purely formal procedure.

The onset of tandefelt related to the arrest of belonging AFK “Sistema” and JSC “Sistema-invest” MTS shares, “meds” and BESK imposed under the claim “Rosneft”. On July 17 the “System” has already announced techdepot on credit obligations 3.9 billion.

“In addition to declared, the other credit agreement, Sistema does not contain conditions on which the seizure of assets leads to a technical default,” – said Kopytov.

In accordance with the market practice of AFK “System” has sent to creditors the proposal to abandon the realization of the rights in technical default.

The report notes that failure to comply with certain conditions on credit obligations due solely to a determination of the court to arrest these assets, the Corporation maintains, and intends to continue to service their credit and financial obligation timely and in full.

As at 31 March 2017 net debt Sistema 73.8 billion.