Russian Search Engine Yandex (YNDX) Hires Advisers for Debt Talks – Bloomberg

Russian search engine Yandex NV has hired advisers to help it navigate talks with bondholders as the company seeks a solution for its convertible notes.

Alvarez & Marsal Inc. is acting as financial adviser to the firm on a restructuring of its convertible bonds, according to an A&M spokesperson. Morgan Lewis & Bockius LLP was said to provide legal advice, according to people familiar with the matter who asked not to be identified discussing private information.

The Russian tech company’s U.S. shares have been suspended for more than five trading days, enabling bondholders to ask for repayment in full. The firm has already said it doesn’t have the money to redeem the $1.25 billion bond, which is meant to be exchangeable for common stock.

“As a firm, we are fully abiding by the sanctions and have either shutdown activities or are in the process of closing out work,” the spokesperson told Bloomberg in an emailed statement. “Yandex is listed on NYSE and is not the target of…

Read Full Story: https://www.bloomberg.com/news/articles/2022-03-22/russian-firm-yandex-enlists-alvarez-marsal-to-advise-on-debt

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source: https://news.oneseocompany.com/2022/03/22/russian-search-engine-yandex-yndx-hires-advisers-for-debt-talks-bloomberg_2022032216511.html

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