Russian internet giant VK faces $400 million debt default after London shares suspension

Russian internet firm VK could be facing a $400m bond default after its London-listed shares were suspended.

(Picture: PA Wire)

One of Russia’s largest internet firms is facing the prospect of defaulting on its debt if it cannot agree a resolution with its bondholders.

VK Company, known as Mail.ru until October last year, has seen its London-listed shares suspended since March 3 and warned today that if trading does not resume on Wednesday (16 March), it will trigger a possible default on its $400 million convertible bond, which was due to be repaid in 2025.