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.
