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Mongolian Mining fails to make interest payment, attempts to secure forbearance agreement

Mongolian MiningCorp. is still trying to secure a forbearance agreement with its lendersand has been unable to make an interest payment on its US$600 million 8.875% seniornotes due 2017.

The coal producer said March 30 that it was due to pay accruedsemiannual interest totaling US$26.6 million a day earlier, but it has been unableto make the payment or secure any waiver or forbearance from the noteholders.

Mongolian Mining revealed earlier in March that it was in of its US$600 million debtand is continuing talks with a steering committee and its legal and financial advisersto enter into a forbearance agreement.

The group appointedadvisers in January to come up with a restructuring plan for the debt,which is provided by lendersBNP Paribas Singapore and Industrial and Commercial Bank of China Ltd.