Russia-Poultry giant defaults on payments.

RUSSIA-POULTRY GIANT IN TROUBLE.

Yesterday ОАО Parnas-M failed to pay the coupon under bonds of the second series to the total amount of 26.93m rubles. This information of Cbonds was confirmed in the national Depository Center, which acts as the paying agent under the issue.

We remind that on December 15, 2008 upon the initiative of the company’s Board of Directors the Arbitration Court of Saint Petersburg and Leningrad Region introduced the procedure of external management in relation to ОАО Parnas-M.

In mid-November the transaction on sale of 65% of shares of the plant to shareholders of ООО "Lenoblptitseprom" fell apart. As the Chairman of the Board of Poultry Plant Sinyavinskaya, one of the shareholders of Lenoblptitseprom, Nikita Melnikov, reported to «Ъ» weak financial position of Parnas had been the reasons for that.