LONDON (ShareCast) - XXI Century Investments is selling off assets as it battles to meet debt repayment schedules.
The company said that if adverse market conditions continue there is a real risk that the company will not be able to meet
‘certain significant debt-related commitments, unless it succeeds in restructuring such payments as they become due.’
Of major concern is the $150.31m of loan notes due to be repaid on 8 July 2009, though the company also has $8.75m of another issue of loan notes to repay on the same day.
The company announced on Thursday the sale of stakes in various projects.
The disposal of its 51% stake in Sevastopol serviced apartments project in Crimea will raise in the region of $0.5m. The company will also raise $5.1m through the sale of the remaining 17.4 hectares in its suburban residential project Lisnyky in the Kyiv region.
A further $2.3m will be raised by the sale of its 100% stake in the shopping centre project Kvdarat Donetsk-Mira in Donetsk.
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