The High Court of Justice of England and Wales has sanctioned a temporary
moratorium on the repayment of the eurobonds of Metinvest B.V. (the
Netherlands), the parent company of Metinvest international vertically
integrated mining and metallurgical group, with a total nominal value of $1.125
billion until May 27, 2016.
According to a group report on the website of the Irish Stock Exchange, the
Court made a relevant ruling on January 29, 2016.
As reported, at their meeting on January 27, the holders of the eurobonds
of Metinvest B.V. approved a temporary moratorium on the repayment of
securities with a total nominal value of $1.125 billion. This moratorium was to
come into force if approved by the High Court of Justice of England and Wales.
Metinvest B.V. at the end of December 2015 appealed to the holders of its
eurobonds to endorse the introduction until May 27, 2016 of a moratorium on any
payments on the securities.
The proposal concerns the owners of eurobonds for $85 million with maturity
in 2016, those worth $289.734 million with a maturity term in 2017, and $750
million with maturity in 2018.
During the validity of the moratorium the company intends to achieve an
agreement on the restructuring of these eurobonds, as well as pre-export
financing in the amount of $1.089 billion.
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