OREANDA-NEWS. On 22 April 2009 was announced, that JSC "The Seventh Continent" (further referred to as the Company) had appointed MDM Bank as agent for the restructuring of obligations under bonds "series 02". The Company is now considering various methods of refinancing these non-convertible interest-bearing bonds (payable to bearer, the state number of issue 4-02-00462-Н, registered by the Federal Financial Markets Service of the Russian Federation on 26 December 2006), which have a total par value of RUB 7.0 billion, (hereinafter "the Bonds").

The placement of the Bonds was executed on 21 June 2007 on the MICEX Stock Exchange. If any of the refinancing options are not realized, the Company plans to address the bondholders with an offer to restructure the obligations of the Bonds.

The issuer's terms and conditions include the Put option at par, which should be executed by the Company on 23 June 2009.

MDM Bank will act as the agent on restructuring of the Bonds.