OREANDA-NEWS. December 16, 2010. An absentee meeting of the Board of Directors of the Joint Stock Company United Aircraft Corporation (JSC UAC) took place. The meeting’s agenda included such issues as approval of a decision to place documentary non-convertible interest-bearing 01 series bonds of JSC UAC, as well as an approval of a related party transaction – an agreement between the Russian Federation, Vneshekonombank and UAC on the state guarantee of the UAC bond loan. The Board of Directors also called for UAC’s extraordinary general shareholders meeting, approved its agenda and set the deadline to draw up the list of participants entitled to take part in the above-mentioned extraordinary meeting.

The Board of Directors approved the placement of non-convertible interest-bearing 01 series bonds on the following terms:
method of placement - public subscription;
volume - 46,280,000 securities;
par value – RUR 1,000;
obligatory centralized deposit.

The placement is made within the framework of execution of the decisions made by the Government Commission for the sustained development of the Russian economy chaired by the First Deputy Prime Minister of the Russian Federation Igor Shuvalov on UAC and its subsidiaries’ debt restructuring. The key aim of the debt restructuring is to “freeze” a part of the aviation companies’ debt and decrease debt interest until 2019.

The UAC extraordinary general shareholders’ meeting is set to be held on December 30, 2010.