The Russian technology company Yandex has appointed advisers to assist in negotiations with creditors. The company, also known as the Russian response to Google, fears financial problems as trading in its shares in New York has been suspended.
Consulting firm Alvarez & Marsal says through a spokesperson that it will assist Yandex in negotiations with a group of bondholders. According to informed sources, Yandex was also supposed to contract with a law firm for the talks.
Soon after the Russian invasion of Ukraine, Yandex warned that it may be unable to meet its financial obligations. Stock exchanges in New York suspended trading in shares of several Russian companies, including Yandex. This gives a group of bondholders the right to claim the entire amount borrowed at once. It is about $1.3 billion in bonds that can be converted into shares. If Yandex should already transfer the amount, this will lead to payment problems.
Yandex, which is listed on the New York Stock Exchange, is not itself a target of Western sanctions. The company is famous for its search engine. In addition, the company provides Internet services for online shopping or music streaming.
Unlimited free access to Showbytes? And that can!
Sign in or create an account and never miss a thing from the stars.
“Coffee buff. Twitter fanatic. Tv practitioner. Social media advocate. Pop culture ninja.”
Mercedes prototype travels 1,000 kilometers without recharging (and consumes much less)
TomTom loses due to declining car production – tablets and phones – news
At this spa, you plunge into a bath full of wine: ‘It has an anti-inflammatory effect’ | Instagram NINA