"The senior secured rating of the company's 2017 eurobonds has been affirmed at 'C'. The bond's Recovery Rating is 'RR5,'"Fitch said in a statement.
"We downgraded Interpipe's Long-term IDR to 'RD' in November 2013 following an uncured payment default. Interest payments are no longer being made," reads the statement.
Fitch notes that "Interpipe continues to face a very challenging sales environment in both its key product segments of pipes and wheels." "Interpipe continues to hold discussions with its lending group regarding a restructuring of principal debt repayments," according to the statement.
Read alsoFitch: Ukraine banks - Elusive recovery despite debt agreements"Under the proposed timeline for these talks, Interpipe is scheduled to put a formal proposal to bank and bond creditors by the end of 2015," the report says.
https://www.fitchratings.com/site/fitch-home/pressrelease?id=993082
