| 20.11.2009 - Cbonds
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Parnas-M defaults on Series 02 bonds
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OAO Parnas-M has defaulted on Series 02 bonds. The issuer didn’t pay a coupon on the issue in the amount of RUR 26,930,000. The arbitration Court for St. Petersburg and Leningrad Region ruled to start bankruptcy proceedings for the issuer.
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Issuer, issue number:
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Parnas-M, 02
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| Type of debt instrument: | Domestic bonds |
| Issue status: | redemption default |
| Type of placement: | public |
| Par, currency of issue: |
RUR, 1000 |
| Amount: | 1 000 000 000 |
| Registration date: | Sep 21 2006 |
| State registration number: | 4-02-01455-J |
| ISIN: | RU000A0JNU08 |
| Start of placement: | Nov 23 2006 |
| End of placement: | Nov 23 2006 |
| Date of circulation start: | Feb 06 2007 |
| Issue price: | 100 |
| Coupon: | Coupons 1-12 - 10.8%, coupons 13-20 - 9.5% |
| Coupon frequency: | 4 time(s) per year |
| Settlement Date: | Nov 23 2006 |
| Maturity date: | Nov 17 2011 |
| Issue Managers: | Arranger: Gazprombank. Co-arrangers: Saint-Petersburg Bank, Soyuz Bank, RIGroup-Finance. Co-underwriters: Promsvyazbank, FC Noosfera, FC Uralsib, Transcapitalbank, Russ-Invest |
| Trading floor: |
MICEX, RU000A0JNU08 |
Issuer profile: One of the major sausage and meat specialities manufacturers in the Northwest region Parnas-M was established in 1983. It is when the Ministry of Meat and Diary Industry of the USSR approved a delivery-acceptance report of commissioning meat packing plant No 3 of the city of Leningrad after construction was completed (further on Parnas-M). The products of the company decorate the tables of the residents of the city on the Neva River and the Leningrad Oblast since that time.
After going through the difficult perestroika year in 2002, the company was included in the Parnas Holding Company. This determined active development of the company. Technical upgrading was carried out; the latest machinery was introduced at the factory that allowed expanding the range of products manufactured. Thus, along with such popular cooked sausages among the city residents as Doctorskaya, Molochnaya, the Eliseyev franfurters and Slivochniy were launched, excellent cooked smoked sausages and of course specialities. High quality of products always remains unchanged.
The up-to-date strategy of the company is quality control at all stages of production ‘From the Farm to the Fork’. In order to ensure premium quality products to you we must be sure in quality of meat raw materials. The quality of meat is ensured by our agro-industrial Rassvet complex (Luzhsky district of the Leningrad Oblast), the quality of casing for sausage and frankfurters manufacturing is supported by the Belcozin plant (Luga, Leningrad Oblast). The advanced international quality management system for sausages, frankfurters and meat specialities is employed at the Parnas-M plant. This is coupled with the latest fleet of refrigeration trucks for carrying products and insistence on high standards with respect to the products preservation conditions at the outlets then we get a continuous product quality control system. *Parnas-M OJSC is one of the leading North-West Russia meat processing enterprises.
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