Derzhava Group asks bondholders to revoke redemption requests

Derzhava Group has addressed bondholders asking them to revoke redemption requests submitted in the framework of a put option, or postpone their execution.
On August 7 the company failed to redeem bonds and promised bondholders to buy bonds back within 30 days. Bondholders submitted for redemption a total of RUR199,158,288.57 worth of bonds then. On August 6 the company announced additional put options on November 28, 2008 (50% of the issue to be redeemed at 101.83% of par value) and January 30, 2009 at 102.78% of par value. The company assured bondholders that despite temporary liquidity problems it was not going to allow a real default and promised to fulfill all obligations in terms of put options.