Russian railroads are insolvent

Russian railroads are insolvent

The credit derivatives determination committee (CDDC) has declared Russian Railways insolvent

The state-owned rail carrier has failed to pay interest on bonds due March 14. The bonds were issued in Swiss franc to finance a loan to the company. Their maturity date is 2026. The non-payment of interest is a result of sanctions imposed on the Russian financial sector. Among those who voted in favor of declaring Russian Railways insolvent were Bank of America, Goldman Sachs and JP Morgan Chase.

Source: https://businessinsider.com.pl/biznes/koleje-rosyjskie-uznane-za-niewyplacalne-nie-splacily-odsetek-od-obligacji/49g0c6b

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