The Second Tranche Of Promissory Notes In The Amount Of Usd 7.6 Million Brought Forward To Media-most

Tuesday evening the Moscow Committee for Municipal Borrowings brought forward to the Media-Most holding the second tranche of promissory notes of the holding in the amount equivalent to USD 7.6 million for redemption, Sergei Pakhomov, the committee chairman, reported. According to him, the funds obtained through the redemption of the promissory notes should be placed on the accounts of the Moscow Committee for Municipal Borrowings with the Bank of Moscow till April 27 inclusive. The promissory notes to be redeemed are a part of the Media-Most notes in which early in 2000 the Media-Most debt to the Moscow government was restructured. The Moscow government kept its budgetary funds with the bank. The total volume of these notes accounts for about 6.2 billion rubles (nearly USD 215 million). Late in March the Media-Most holding redeemed the first tranche of its promissory notes issued to the Moscow Borrowing Committee in the amount equivalent to USD 7.6 million. Earlier Mr Pakhomov noted that should the payment on notes fail to be made on time, the Moscow Committee for Municipal Borrowings intends to protest all the Media-Most notes it has, i.e., to bring forward the total amount of 6.2 billion rubles in promissory notes for redemption.

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