"SibAvtoTrans Defaults on 6.9 Million Ruble Bond Issue"

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SibAvtoTrans LLC has failed to meet its obligations on coupon payments for two series of exchange-traded bonds, resulting in a default on one series and a technical default on the other.

For the Series 001P-05 bonds (ISIN RU000A10B750), the company did not pay the coupon for the 17th period. The total amount due was 2.6136 million rubles ($33,600 USD), or 21.78 rubles per bond, at an annual interest rate of 26.5%.

The payment was due on September 21, but the company disclosed that it did not have sufficient funds available. SibAvtoTrans attributed the delay to late payments from counterparties and restrictions on accessing funds due to garnishment orders from leasing companies.

As a result, on October 6, the issuer announced a default on the Series 001P-05 bonds, with the unpaid amount remaining at 2.6136 million rubles.

At the same time, the company disclosed a technical default on the Series 001P-04 bonds (ISIN RU000A10A1U9). This involved non-payment of the coupon for the 22nd period, totaling 6.903 million rubles ($88,500 USD). The payment per bond was 23.01 rubles at an annual interest rate of 28%.

The obligation for this payment expired on October 5, and on October 6, the company declared a technical default, setting the end date for the default as October 19, 2026.

In both cases, SibAvtoTrans cited insufficient funds due to delayed payments from counterparties and restrictions on accessing funds because of garnishment orders from leasing companies as the reason for the missed payments.