The company that manages the Westfalica network has entered into a technical default.
The OR Group, which manages the Westfalica network, has warned of a possible technical default on the fulfillment of financial obligations on two series of bonds. OR Limited Liability Company, formerly known as Obuv Rossii, disclosed this on its own in a statement.
The reason in the message of the organization indicated the lack of funds in the required amount on the bank account of the organization. The amount of obligations is more than 4.5 million rubles, the expiration date for the fulfillment of monetary obligations is April 25 of the current year.
The company admitted the possibility of a technical default when paying coupons on two series of bonds, the first was issued for four years in the amount of 500 million rubles in August 2020, the second series with the same term and a rate of 13.5% was completed by the company in March 2022.
The company's platform is used to develop the Westfalica brand, which has about 700 stores in more than 300 cities of the Russian Federation. On February 7, 2022, the Moscow Exchange limited the trading mode to a part of the bonds of the OR Group company. It was also previously reported about the default on another issue of the company, while in a press release it emphasized that it was fulfilling its current debt obligations.
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