OREANDA-NEWS. January 4, 2011. The first meeting of Mirax Group’s creditor committee was held, attended by both private and institutional investors that control about 80% of the debt.

They responded to MIRAX GROUP’s call to create a creditor committee to monitor the restructuring of the corporate debt securities.

At the meeting, the investors elected an initiative group including the main bondholders – major Russian banks. The initiative group’s main task is to represent the interests of other security holders in terms of analysis of the company’s proposals for conditions of the public debt restructuring.

The investors also discussed security restructuring schemes proposed by the corporation, familiarized themselves with detailed information of the group’s projects, financial model and accounting; agreed on further action plan, and received answers to their major questions.

The meeting was attended by Sergei Polonsky, the Chairman of the Board of Directors of the corporation, who said that he had instructed the financial team to put maximum effort in promoting the restructuring and ordered that maximum information previously requested by the investors be provided at the meeting.

Mr. Polonsky also assured the investors that they would be supplied with all required information within the framework of the forthcoming due diligence process and meetings with the project managers.

“We seek an open and honest dialog with our creditors. The meeting of the Creditor Committee has confirmed the effectiveness and necessity of this approach”, said Alexander Lagutin, member of the Managing Board of MIRAX GROUP.