Sanctioned Russian state shipowner Sovcomflot has succeeded in swapping a big chunk of its Irish bonds, but still faces problems with coupon payments.
The Moscow-listed tanker and LNG carrier owner said it has replaced $377m of its $900m series due in 2023 with Russian notes, following a move in October to swap $318m of bonds maturing in 2028..
Payments under the replacement bonds will be made in Russian roubles.
