JP Morgan Chase turned down a role to advise Russian search engine Yandex on a potential debt restructuring exercise after taking part in initial discussions with a group of the company’s bondholders.
The decision comes as Yandex faces the risk that investors holding $1.25 billion of the company’s debt will demand to be repaid after a suspension in trading of its US-listed shares.
The company does not have enough money to redeem the notes in full, it said last week.
During initial discussions over the company’s financial situation, Yandex bondholders were told that JP Morgan and US law firm Latham & Watkins participated along with the Russian company, according to sources.
“Following talks at the weekend, we decided not to be involved in this potential restructuring,” a spokesman for JP Morgan said on Wednesday in response to questions from Bloomberg.
A Latham representative did not respond to requests for comment. On Wednesday, the firm published a statement condemning the war in Ukraine and announcing its intention to wind down its presence in Russia. The release did not address any specific engagements with clients.
Holders of the Yandex bonds, convertible notes that can be turned into equity, are entitled to seek redemption at face value after Yandex’s US shares were suspended for more than five days.
That made Yandex the first Russian company with debt issued abroad to trigger a so-called delisting event allowing bondholders to request repayment.
E-commerce company Ozon Holdings and social network operator VK have similar notes. Ozon is currently drafting a proposal for its note holders.
“We are taking all the appropriate steps to address the situation,” a spokeswoman for Yandex wrote in an email.
JP Morgan acted as book-runner in the issuance of Yandex’s convertible bond in February 2020.
The debt was issued from a subsidiary incorporated in the Netherlands. Latham & Watkins participated in a public offering and private placement by Yandex in June 2020, advising the sole underwriter and the sole placement agent in the deal.
A group of Yandex creditors holding more than 70 per cent of the bonds are working with investment bank Houlihan Lokey and law firm Weil Gotshal, the company said on Monday.
SPECS
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UAE Tour 2020
Stage 1: The Pointe Palm Jumeirah - Dubai Silicon Oasis, 148km
Stage 2: Hatta - Hatta Dam, 168km
Stage 3: Al Qudra Cycle Track - Jebel Hafeet, 184km
Stage 4: Zabeel Park - Dubai City Walk, 173km
Stage 5: Al Ain - Jebel Hafeet, 162km
Stage 6: Al Ruwais - Al Mirfa, 158km
Stage 7: Al Maryah Island - Abu Dhabi Breakwater, 127km
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Venus Williams - 5 titles (2000, 2001, 2005, 2007 and 2008)
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- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
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- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
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2. Lewis Hamilton, Mercedes-GP 188
3. Valtteri Bottas, Mercedes-GP 169
4. Daniel Ricciardo, Red Bull Racing 117
5. Kimi Raikkonen, Ferrari 116
6. Max Verstappen, Red Bull Racing 67
7. Sergio Perez, Force India 56
8. Esteban Ocon, Force India 45
9. Carlos Sainz Jr, Toro Rosso 35
10. Nico Hulkenberg, Renault 26
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Date started: January, 2014
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Sector: Education technology
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Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
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Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
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Company: Rent Your Wardrobe
Date started: May 2021
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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
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