11:13 30.03.2018

Kyiv's business court satisfies claim of PrivatBank's noteholder seeking to collect $663,000 of debt on securities

1 min read
Kyiv's business court satisfies claim of PrivatBank's noteholder seeking to collect $663,000 of debt on securities

The business court of Kyiv on March 28, 2018 fully satisfied a claim of THEO Worldwide Corp. against PrivatBank (Kyiv) and affiliated UK SPV Credit Finance (UK) seeking to collect $663,000 of debt on loan participation notes issued by the UK-based SPV, a source with direct knowledge of the situation told Interfax-Ukraine.

The source said that the details of the court ruling cannot be published, as the non-disclosure agreement was signed.

According to the unified register of court rulings, THEO Worldwide Corp. in H1 2017 filed a claim to the business court of Kyiv against PrivatBank and UK SPV Credit Finance. Other defenders in the lawsuit are the Finance Ministry of Ukraine, the Individuals' Deposit Guarantee Fund, the National Bank of Ukraine and other claimants are GLAS Trust Corporation Limited and trustees Deutsche Trustee Company Limited and Madison Pacific Trust Limited.

The claimant asked the court to declare invalid the bail-in procuedre for the bank's loan participation notes during the nationalization of the bank and collect $663,000 of debt from the bank on securities held by the claimant.

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