Eurobond holders, banks creditors approve restructuring of Metinvest's liabilities
Creditor banks and holders of eurobonds of international vertically integrated mining and metal group Metinvest approved the restructuring scheme for its liabilities on the bonds, Metinvest B.V. (the Netherlands), the holding company of the group, has reported on the website of the Irish Stock Exchange (ISE).
According to the report, the decision was made at a meeting on February 6.
The High Court of Justice Chancery Division of England and Wales is to approve the scheme. The court's hearing is to be held on February 8, 2017
Metinvest expects that the restructuring scheme will be implemented in around three weeks after the hearing.
As reported, at the end of December 2016 Metinvest B.V. was seeking to implement a restructuring of its financial indebtedness under its unsecured guaranteed notes and pre-export finance facilities contemplated by the non-binding restructuring heads of terms published by the company on May 25, 2016.
The company proposed to unite three issues of eurobonds into one due on December 31, 2021 and four syndicated credit lines (pre-export finance facilities) into one credit line.
As of November 30, 2016 the total debt on these tools to creditors was $2.29 billion.
