print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line

Get updates

Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Sistema JSFC press releases

Sistema JSFC

August 28, 2017

Effect on Sistema’s debt obligations of injunction in case brought by Rosneft and Bashneft

Moscow, Russia – 28 August 2017– Sistema PJSFC (“Sistema” or “the Corporation”) (LSE: SSA, MOEX: AFKS), a publicly traded diversified Russian holding company, announces that on 28 August 2017 a technical default occurred on credit obligations of the Corporation amounting to the equivalent of RUB 8.9 billion.

The technical default took place due to the ongoing arrest of shares of MTS, Medsi and Bashkirian Power Grid Company owned by the Corporation and Sistema-Invest. The arrest was imposed by the Republic of Bashkortostan Arbitration Court as part of legal proceedings initiated by Rosneft, Bashneft and the Republic of Bashkortostan against Sistema and Sistema-Invest. Other than the credit obligations disclosed earlier and mentioned above, the Corporation’s remaining loan agreements do not contain a condition whereby this arrest of shares will lead to a technical default.

In accordance with market practice Sistema asked lenders to provide waivers in connection with the event of technical default.  

Sistema stresses that the non-compliance with certain conditions  of some of its credit facilities that triggered the technical default is driven exclusively by the arrest of the above-mentioned assets and is purely formal in nature. Sistema continues to service its credit and financial obligations on time and in full, and plans to continue doing so in the future.

Sistema believes that the arrest of its assets is unfounded, and continues to take necessary steps to have the arrest lifted. To this end the Corporation has filed an appeal with the 18th Arbitration Court.


For further information, please visit or contact:

IR Service

Yury Krebs

Tel.: +7 (495) 730 66 00

Press service

Sergey Kopytov

Tel.: +7 (495) 228 15 32



Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index


Site Map
Privacy Statement | Disclaimer