• ACI Russia

08/25/1998 19:54:06 Text of Russian debt restructuring plan

MOSCOW, Aug 25 (Reuters) - Russia on Tuesday released

details of an eagerly-awaited restructuring plan for the

country's short-term domestic debt.

The following is a translation of the text of the plan,

issued by the Russian government. The translation was done by

Reuters and is not an official translation.

"This Ruling outlines the conditions for redeeming state

short-term, non-coupon bonds [GKO] and federal bonds with fixed

and floating coupons [OFZ] with a maturity date of December 31,

1999 and issued before August 17, 1998 (henceforth, the

redeemable bonds) and the reinvestment of the funds received

from their repayment in other state securities or certificates

of deposit of the State Savings Bank of the Russian Federation


1. Buy-sell operations with the redeemable bonds are to be

suspended until the moment of their redemption.

2. The Finance Ministry of the Russian Federation shall

repay the redeemable bonds within the period set at their issue

and in accordance with "depo" account records on August 17,

1998 by transferring funds to special "transit" accounts of the

holders of the securities.

3. Funds from the special transit accounts can be

reinvested at the discretion of the owner for the acquisition

in equal portions of three new issues of state securities in

the currency of the Russian Federation:

with a three-year maturity and coupon - 30 percent annual

with a four-year maturity and coupon in the first, second

and third years -- 30 percent, in the fourth year 25 percent

with a five-year maturity and coupon in the first, second

and third year -- 30 percent, the fourth year 25 percent and

the fifth year 20 percent a year and also certificates of

deposit of the Russian State Savings Bank, issued according to

point five of the Ruling.

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