"The deadline for the submission of Letters of Transmittal, which was earlier scheduled to end October 6 at 17:00 London time (20:00 Moscow time), has been extended to October 20, 2006," the statement said.
The Soviet-era debt to commercial lenders accrued as a result of the export of goods and services by foreign companies. The Russian Finance Ministry estimates the principal sum of this debt at more than $1.7 billion.
Second-stage creditors' claims, totaling $720 as of September 13, will be swapped on the terms of the London Club of commercial lenders, i.e. for Eurobonds with a maturity in 2010 and 2030, and partially for cash.
The Finance Ministry swapped the first tranche of Russia's Soviet-era debt to commercial creditors for its Eurobonds in December 2002. Claims worth $1.28 billion were recognized for the swap, and as a result Russia's Eurobond issue totaled $1.37 billion.
