FESCO circulates Supplemental Practice Statement Letter

05 October 2017

Far-Eastern Shipping Company PLC and its subsidiaries (together, the “Group”) announce today that a Supplemental Practice Statement Letter in respect of the scheme of arrangement (the “Scheme”) launched on 29 September 2017 is circulated to implement the restructuring of the Group’s indebtedness under the outstanding the 8.00% Senior Secured Notes due 2018 and 8.75% Senior Secured Notes due 2020 (together the “USD Notes”). 

The Supplemental Practice Statement Letter concerns the additional amount proposed to be added to the Settlement Amount (as defined in the Practice Statement Letter issued on 29 September 2017).

As of the date of this notice, noteholders who, in aggregate, hold over 89% of the outstanding principal amount of the USD Notes have signed or acceded to the standstill and lock-up agreement executed earlier this month (the “LUA”), in order to facilitate the Restructuring to be implemented by the proposed Scheme.

Noteholders interested in receiving more information regarding the LUA and Scheme are directed to follow the link https://www.fesco.ru/en/investor/corporate-bonds/debt-restructuring or contacting the Information Agent.

Capitalised terms used in this announcement and not otherwise defined herein shall have the meaning given to them in the LUA.

Investor Contacts

Dmitriy Ivanov

IR Director, FESCO

+7(495)7806001 ext. 11160


Media Contacts

Maria Kobzeva

Press Secretary, FESCO

+7(495)7806001 ext. 11014


Further details may be obtained from the Information Agent appointed in respect of the LUA and the Scheme:

Information Agent

Lucid Issuer Services Limited

Tankerton Works

12 Argyle Walk

London WC1H 8HA


Email: fesco@lucid-is.com

Attention: Alexander Yangaev / Victor Parzyjagla


These materials are not intended to and do not constitute investment advice. These materials do not constitute or form any part of and should not be constructed as an offer or commitment to sell or issue, a solicitation, recommendation, commitment or invitation to subscribe for, underwrite or otherwise acquire, and should not be construed as an advertisement for, any securities of the Issuer or any member of its group in any jurisdiction or an inducement to enter into investment activity in any jurisdiction.