Court approves convening of DTEK Energy eurobond holders for voting on securities restructuring
The Royal Courts of Justice (London) has allowed Ukraine's largest private energy holding DTEK Energy to convene eurobond holders to vote on the issue of the long-term restructuring of the securities.
The court made the corresponding ruling on December 2, 2016.
"DTEK Energy plans the results of voting will be known no later than December 19. After that the issuer will go to court for the final approval of the results and obtaining authorization to use the results of voting to all eurobond holders.
As reported, DTEK Energy at the beginning of April 2016 announced inability to pay coupons on eurobonds for $750 million with a rate of 7.875% per annum and maturing on April 4, 2018, and on eurobonds worth $160 million at a rate of 10.375% maturing on April 28, 2018.
The energy holding attracted Rothschild as an adviser on organization of restructuring and Latham & Watkins as a legal advisor and initiated an agreement on a temporary moratorium and standstill for the period until October 28, 2016. During the period of the moratorium the energy holding planned to conduct the full-scale restructuring of the capital structure.