Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

MIAN Bond Falls on Bankruptcy Talk

MIAN, one of the country's largest real estate agents, saw the market price of a subsidiary's 2 billion ruble ($86 million) bond fall sharply Tuesday after news emerged that it was facing a bankruptcy hearing.

On Oct. 30, the Moscow Arbitration Court will hear the case following a request by a regional firm that claims MIAN owes it 1.4 million rubles, according to a statement on the court's web site.

The company declined to comment.

MIAN also received tax claims totaling 1.2 billion rubles, although Kommersant reported Tuesday that it had already successfully paid half of them.

MIAN is unlisted, but its MIAN-Development subsidiary has a 2 billion ruble outstanding bond that matures in March 2010.

Bondholders have the option of putting the bonds back with the issuer Sept. 2, 2008, at par. The price of the bond fell around 16 percent Tuesday at the market open, while the yield soared to more than 300 percent.