Citadel and Sculptor Are Among Bondholders in Russia’s Yandex

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 ...