Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies, announces that the English court has sanctioned the scheme of arrangement to implement its financial restructuring.
Following a court hearing on January 17, the English court ordered that separate meetings of (i) the holders of certain notes issued by the company (the “Noteholders”) and (ii) the lenders under certain pre-export finance facilities (the “PXF Lenders”) be convened for the purposes of voting on the proposed scheme of arrangement (the “Restructuring Scheme”).
At the scheme meetings, which were held on February 6, almost 100% of Noteholders and 100% of PXF Lenders present and voting at the relevant scheme meeting voted in favor of the Restructuring Scheme.
A further court hearing, at which the company sought English legal sanction of the Restructuring Scheme, took place on February 8. Following that hearing, the English court granted an order sanctioning the Restructuring Scheme. Accordingly, the effective date of the Restructuring Scheme was February 8.
Commenting on the developments, Metinvest CEO Yuriy Ryzhenkov said: “On behalf of the Metinvest group, I would like to thank all of our creditors for their support, as well as the ad hoc committee of Noteholders and coordinating committee of PXF Lenders for their dedication and cooperation. Metinvest is proud to remain a participant on the international debt and capital markets.” (SCM/Ukrainian metal)