(Bloomberg) -- Citadel, D.E. Shaw & Co. and Sculptor Capital Management Inc. are among investors facing a potential default on convertible bonds from Russia’s Yandex NV, according to people familiar with the matter.

The Russian tech company’s U.S. shares have been suspended for more than five days, enabling bondholders to ask for repayment in full. The firm has already said it does not have the money to redeem the $1.25 billion bonds, which are meant to be exchangeable for common stock.

Yandex is one of a handful of Russian companies with convertible bonds -- notes that can be converted into equity -- issued from foreign entities. Alongside VK Co Ltd and Ozon Holdings they are the first Russian corporates with foreign-denominated debt to engage with creditors as international sanctions and local restrictions complicate the transfer of money out of Russia. Access to capital markets to raise funds any time soon also seems highly unlikely.

Yandex is now in discussions over potential restructuring with a group representing about 90% of bondholders in the convertible notes. 

In Sculptor’s case, its convertible bond trade has a hedge against it, designed to help mitigate potential losses, one of the people said. Representatives for Citadel, Sculptor and D.E. Shaw declined to comment. A spokesperson for Yandex didn’t reply to a request for comment.

Search engine Yandex has struck joint ventures with Uber Technologies Inc., invested in startups bought by Meta Platforms Inc. and offered food delivery services in London. Now firms are cutting ties given sanctions against Russia following its invasion of Ukraine.

Read More: Stock Trading Halt Risks $2.4 Billion Defaults of Russian Bonds

The documentation on the convertible notes includes a “delisting event” clause that gives bondholders the right to ask to be repaid in full if the company’s shares stop trading for over five days. Yandex only has $615 million-equivalent in euro and U.S. dollar-denominated cash, it said in a press release on March 3. Only 60% of that amount is located outside of Russia, it added.

Bondholders have already engaged with Houlihan Lokey and Weil, Gotshal & Manges LLP as financial and legal adviser, while the company is struggling to find advisers to navigate the process. JPMorgan Chase & Co. turned down an advisory role on the situation after participating in initial discussions.

Read More: Russian Firms at Risk of Bond Defaults Struggle to Hire Advisers

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