OR Group made a technical default on bonds
21.01.2022 1291

OR Group made a technical default on bonds

OR Group (former Obuv Rossii Group of Companies) was unable to redeem bonds for 0,6 billion rubles on time, allowing a technical default. The holder of the bonds is Promsvyazbank (PSB), with which negotiations are underway. In case of their failure, the group may expect a cross-default on other borrowings, Kommersant writes.

A subsidiary of the OR Group, OR, was unable to redeem the bonds of the BO-07 issue for 592 million rubles due to "the lack of funds in the issuer's current account in the amount necessary to fulfill obligations." The OR paid the last coupon on these bonds in the amount of 14,8 million rubles. If the obligations that have arisen are not repaid by February 3, the technical default may develop into a real one.

Andrey Khokhrin, CEO of Ivolga Capital, warns that if BO-07 is not redeemed (if the amount of outstanding debt on BO-07 exceeds 300 million rubles), the consequences will affect other issues. - "There will be a cross-default on the issue of BO-01, the amount of which is about 1,1 billion rubles."

Expert RA analyst Anna Kertanova believes that the company has a chance to prevent a real default and resolve the situation with BO-07.

OR Group is a federal retail shoe network headquartered in Novosibirsk. The group operates stores under the Westfalika, Rossita, Lisette, Emilia Estra and Peshekhod brands and owns two shoe factories. The group's revenue for the first half of 2021, according to IFRS reporting, amounted to 3,05 billion rubles, net profit - 223 million rubles.

OR Group (former Obuv Rossii Group of Companies) was unable to redeem bonds for 0,6 billion rubles on time, allowing a technical default. The bondholder is Promsvyazbank (PSB), with which…
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