Metinvest files motion to bankruptcy court, agrees to restructure eurobonds
Dutch Metinvest B.V., the parent company of Ukraine's Metinvest mining and metal group has filed a motion to the U.S. bankruptcy court of Delaware in relation to the hearing of its case in the High Court of Justice of England and Wales asking to uphold the British court's decisions.
The group said on the website of the Irish Stock Exchange (ISE) the motion was filed to meet Chapter 15 of the Bankruptcy Code regulating ancillary and other cross-border insolvency cases in the United States.
The case of Metinvest is heard by the British court, the company asks to admit the decisions of the British court in the United States.
The hearing date is July 21, 2016. Objections can be submitted before July 15, 2016.
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Metinvest has agreed to restructure eurobonds and pre-export finance facilities (PXF) facilities with a committee of creditors. The agreement concerns $85.5 million notes due in 2016, $298.6 million notes due in 2017 and $750 million notes due in 2018 and $1.07 billion PXF facilities. Some 75% of noteholders must approve the offer to validate it.