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Russia’s Ozon says it fails to redeem some bonds, risking default

Nasdaq-listed Ozon, trading in whose shares has been suspended since Feb. 28, said it is restricted from sending cash from its Russian subsidiaries to its Cypriot holding company, Ozon Holdings Plc, which is the issuer of the bonds. Ozon had 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. Ozon, which has not been targeted by Western sanctions, has said Russian capital controls and the ever-changing regulatory backdrop were restricting it from diverting funds from its Russian subsidiaries, creating the risk that it would have insufficient liquidity at the required time.

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