Metinvest bond holders approve extension of moratorium on payment on securities

16:42, 29.06.2016 1 min read

The holders of eurobonds of Metinvest B.V. (the Netherlands), the parent company of Metinvest international vertically integrated mining and steel group, have unanimously approved the extension until September 30, 2016 of a temporary moratorium on payment on securities with a total nominal value of $1.176 billion (after interest capitalization on May 27, 2016).

According to a group report on the website of the Irish Stock Exchange, the relevant bondholders' meeting was held on June 28.

The moratorium will come into effect if sanctioned by the High Court of Justice of England and Wales. Court hearing on the case is scheduled for June 30, 2016. In addition, the moratorium could be extended until November 30, 2016.

During the moratorium, Metinvest plans to complete the restructuring of eurobonds, as well as pre-export financing of $1.07 billion.

As reported, Metinvest earlier agreed the restructuring of eurobonds and pre-export financing with the creditors' committee.