Metinvest went to the US Bankruptcy Court

Metinvest went to the US Bankruptcy Court

18.01.2016 News

Metinvest went to the US Bankruptcy CourtUS Bankruptcy Court in Delaware will consider the appeal of the Metinvest company about the restructuring of Eurobonds.

US Bankruptcy Court in Delaware appointed for February 9 meeting on the treatment Metinvest BV (Netherlands), the parent company of Ukrainian mining and metallurgical group Metinvest to authorize the US proposal for the restructuring of its Eurobonds for $ 1.125 billion.

According to the message of Metinvest on the website of the Irish Stock Exchange, any objections or responses to the treatment will be accepted until February 2.

In addition, Metinvest asked the court to recognize that this proposal is preliminary. The meeting of this appeal is scheduled for January 29. Any objections or replies to it are accepted until January 26.

As reported, the Supreme Court of England and Wales (High Court of Justice of England and Wales) at the January, 13 allowed Metinvest BV to convene January 27, 2016 meeting of bondholders totaling $ 1.125 billion, regarding the restructuring of the securities.

The decision concerns the owners of Eurobonds for $ 85 million with maturity in 2016, for $ 289.734 million with maturity in 2017 and $ 750 million with maturity in 2018.

Metinvest, caught in a crisis situation with declining steel prices, malfunction of their businesses because of the military operations in eastern Ukraine, suggested earlier the holders of the three editions of its Eurobonds to agree on introduction to May 27, 2016 moratorium on payments on these securities and negotiate on their restructuring.

Metinvest offers to pay the holders of Eurobonds $ 1.25 premium for each $ 1 thousand nominal value of Eurobonds for their support and offer the same amount, if till April 1, 2016 will not be reclaimed pre-term termination of the moratorium.

Metinvest  group consists of mining and metallurgical enterprises located in Ukraine, Europe and the United States. The main shareholders of “Metinvest” are the group “SCM” (71.24%) and “Smart-Holding” (23.76%), co-management of the company.

Source: delo.ua

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