JP Morgan snubs advisory role on Russia's Yandex debt talks
JP Morgan Chase turned down a role to advise Russian search engine Yandex on a potential debt restructuring exercise after taking part in initial discussions with a group of the company’s bondholders. The decision comes as Yandex faces the risk that investors holding $1.25 billion of the company’s debt will demand to be repaid after a suspension in trading of its US-listed shares. The company does not have enough money to redeem the notes in full, it said last week. During initial discussions over the company’s financial situation, Yandex bondholders were told that JP Morgan and US law firm Latham & Watkins participated along with the Russian company, according to sources. “Following talks at the weekend, we decided not to be involved in this potential restructuring,” a spokesman for JP Morgan said on Wednesday in response to questions from Bloomberg. A Latham representative did not respond to requests for comment. On Wednesday, the firm published a statement condemning the wa...