[ET Net News Agency, 15 March 2016] Mongolian Mining Corporation (00975) said a
steering committee of holders of the notes has been formed following initial discussions
with them.
The steering committee has appointed Moelis & Company Asia Limited as its independent
financial adviser and has retained Ropes & Gray as its legal adviser. Mongolian Mining is
in discussion with the steering committee's independent financial adviser and legal
adviser.
Mongolian Mining notes that the next interest payment date under the notes is 29 March
2016, on which date it is obligated to pay accrued semi-annual interests totaling
US$26.625 million. Given that Mongolian Mining has been in discussion with the steering
committee and its advisers, and taking into account of its current financial situation
under continuing depressed market conditions, Mongolian Mining currently expects that it
is highly likely that it will not be able to make the coupon payment and payment to the
lenders on 22 March 2016.
Mongolian Mining had applied for the resumption of trading in shares this morning. (HL)