Canada markets open in 9 hours 3 minutes
  • S&P/TSX

    20,269.97
    +89.37 (+0.44%)
     
  • S&P 500

    4,305.20
    +8.06 (+0.19%)
     
  • DOW

    34,152.01
    +239.61 (+0.71%)
     
  • CAD/USD

    0.7781
    -0.0004 (-0.05%)
     
  • CRUDE OIL

    87.13
    +0.60 (+0.69%)
     
  • BTC-CAD

    30,879.73
    -201.26 (-0.65%)
     
  • CMC Crypto 200

    572.94
    +1.02 (+0.18%)
     
  • GOLD FUTURES

    1,790.70
    +1.00 (+0.06%)
     
  • RUSSELL 2000

    2,020.53
    -0.82 (-0.04%)
     
  • 10-Yr Bond

    2.8240
    -2.7910 (-100.00%)
     
  • NASDAQ futures

    13,648.75
    -9.50 (-0.07%)
     
  • VOLATILITY

    19.69
    -0.26 (-1.30%)
     
  • FTSE

    7,536.06
    +26.91 (+0.36%)
     
  • NIKKEI 225

    29,168.82
    +299.91 (+1.04%)
     
  • CAD/EUR

    0.7645
    -0.0008 (-0.10%)
     

Russia's Ozon says BNY withdraws as convertible bonds trustee

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

May 18 (Reuters) - Ozon said on Wednesday that BNY Mellon, its trustee for bonds maturing in 2026, had informed the Russian e-commerce firm that it can no longer act as trustee without being exposed to financial or criminal risks due to sanctions against Moscow.

Nasdaq-listed Ozon, trading in whose shares was suspended on Feb. 28, warned of bond payment issues in early March and has since entered into discussions with an ad hoc group of holders of its $750 million, 1.875% unsecured convertible bonds.

"On May 9, 2022 BNY Mellon Corporate Trustee Services Limited has notified the Company that...from 10 May 2022 it would not be capable of acting as trustee under the Bonds without exposure to the risk of financial or criminal liability," Ozon said in a statement.

"The company is currently evaluating possible implications of the trustee's determination, including in connection with ongoing negotiations with an ad hoc group of bondholders."

The trustee cited European Union regulations prohibiting the services of trust arrangements involving Russian nationals or Russian entities as the reason for stepping aside.

BNY Mellon had no immediate response when approached for comment by Reuters. (Reporting by Reuters; Editing by Alexander Smith)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting