Noteholders representing 86.01% of the outstanding principal amount of the $200 million Avangard notes due on October 29, 2015 have voted in favor of the note restructuring scheme, the company said on the London Stock Exchange (LSE) on October 16.

The company said that the noteholders joined the scheme which foresees the approval of the note sale lock-up in the early participation time – by October 15, 2015. The scheme required the approval of a majority in number representing at least 75% in value of the noteholders present at the meeting.

If the courts approve the scheme on October 22, 2015, on October 26, 2015, all the holders of notes will be obliged to accept the deal.

If the courts sanction the scheme, all holders of notes that agreed to the lock-up agreement and voted in favor of the scheme no later than the early participation time will receive an early participation fee of 2.5% of the outstanding principal amount of the notes beneficially owned by a noteholder who voted in favor on 29 October 2015. All the holders of the notes that agree to the lock-up agreement and vote in favor of the scheme after the early participation time by no later than 20 October 2015 (the "instruction deadline") will receive a participation fee of 0.5% of the outstanding principal amount of the notes.

Avangard is a vertically integrated holding company, specializing in the production of eggs and egg goods. It is the largest player in the Ukrainian egg market.