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| 4/23/2009 12:02:00 AM |
| Renaissance Capital extends deadline on RBC Information Systems restructuring proposal to May 22, 2009 |
MOSCOW, April 23, 2009 -- Given our aim of finding a workable solution for all stakeholders in RBC Information Systems (hereafter RBC) – creditors, shareholders, management and others – Renaissance Capital has decided to extend the deadline on its restructuring proposal to May 22, 2009 in order to bring the interests of all parties together. The terms of the proposal remain unchanged.
On March 24, 2009 Renaissance Capital sent the creditors and shareholders of RBC the terms of a proposed restructuring plan. The objective of the plan is to resolve RBC’s financial crisis situation by striking a balance between the interests of shareholders, creditors, company management, employees, clients and others by restructuring the company’s debt and attracting new capital. The plan would not only stabilize RBC’s financial situation, but also strengthen it through the formation of powerful financial support.
The plan proposes issue of new ordinary shares of RBC, with 65% of the new share capital being sold on to a financial investor for USD 35 million. The USD 35 million attracted from the investor will go towards partial repayment of the company’s debt to creditors and also towards financing ongoing activities and development of the company. Creditors are offered the following three-part settlement under the plan: first, all creditors simultaneously receive 8% of the total sum of their debt in cash. Second, creditors are offered to choose one of two options for the restructuring of the debt owed to them: writing off 45% of the debt and repayment of the remainder in seven years with an annual interest rate of 4%; or, writing off 65% of the debt and repayment of the remainder in three years with an annual interest rate of 4%. Third, creditors receive a proportional stake of the company’s new share capital. The total share to be held by creditors is 10% of the new share capital of the company.
ONEXIM Group, with which Renaissance Capital has reached a corresponding preliminary agreement, is prepared to act as the financial investor.
"We appreciate the constructive interactions we have had with all concerned parties since we launched our proposal and we believe taking an extra three weeks to align everyone’s interests will be time well spent. Therefore, we are extending the deadline of our proposal,” said Ruben Aganbegyan, Renaissance Capital CEO, Russia. “We recognize that resolution of RBC’s situation will come as a result of continued detailed work and the agreement of a broad circle of participants."
About Renaissance Capital (www.rencap.com)
Renaissance Capital is a leading investment banking firm in Russia, Ukraine, Central Asia and sub-Saharan Africa. Renaissance Capital has market-leading positions in each of its core businesses -- M&A, equity and debt capital markets, securities sales and trading, research, and derivatives. Renaissance Capital is part of the Renaissance Group.
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