The FESCO transport group's core shareholder hopes to agree a debt restructuring plan with the holders of Eurobonds before the end of the year. According to a schedule presented in the summer, this should be done in December, "before Christmas."
"We very much hope agreements in principle will be reached before the end of the year, but we aren't prepared to guarantee it by December 25 because there are two players involved," the Summa Group's executive director, Leyla Mammedzade, said on the sidelines of the Russian Transport forum.
"We're in discussions with the bond holders, but such discussions are not usually proceed very quickly. A good dialog is emerging, and I think we'll find an opportunity for an understanding, but there's no December 25 deadline," she said.
Commenting in reports the transport group's parent company far East Shipping Company (MOEX: FESH) might issue new shares, Mammedzade said the company was "mulling various opportunities." "There's no final decision on a share issue, but one is quite possible," she said.
FESCO Group is one of the largest owners and operators of port infrastructure in Russia. Ziyavudin Magomedov's Summa Group owns 32.5% of FESCO, GHP Group owns 23.8%, TPG holds 17.4% and East Capital owns 4.9%.