VR Capital welcomes yet another Supreme Court decision concerning the recovery of debt from Ukrainian Railways
On July 8, 2021, the Supreme Court issued a decision confirming the legality of the recovery of the debt from Ukrainian Railways ("UZ") in favor of VR Global Partners, L.P. ("VRGP") with respect to the largest loan in the amount of USD 66 million.
This is the fifth decision of the Supreme Court on the repayment of the debt by Ukrainian Railways to VR Global Partners, L.P. The total amount of Ukrainian Railways’ debt obligations before VR Global Partners, L.P. which are the subject of legal proceedings in the Ukrainian courts constitutes approximately USD 250 million.
VR Capital welcomes the decision of the Supreme Court and hopes for a constructive position of Ukrainian Railways on the repayment of the debt.
As previously reported, on April 20, 2021, the Supreme Court announced its decision in four cases on the recovery of the debt from Ukraine Railways in favor of VR Global Partners, L.P. In all cases, the Supreme Court upheld the position of the lower courts and completely rejected Ukraine Railways’ cassation appeals.
VR Global Partners, L.P. ("VRGP"), is an investment fund managed by VR Advisory Services Ltd ("VRASL"). VRASL is registered as an investment adviser with the U.S. Securities and Exchange Commission and VR Advisory Services (UK) LLP, a sub-investment adviser for VRGP and certain other funds, is authorised by the UK Financial Conduct Authority. VRGP launched in May 1999 and has been the recipient of over 15 industry awards in New York and London for its performance over the years, including, most recently, EuroHedge’s 2020 award for Long Term Performance (20 Years) among global macro, fixed income and relative value funds.
VR Capital is an international asset management firm serving an institutional investor client base with approximately $5 billion in investor assets under management via pooled fund structures. VR Capital is one of the largest western investors in Ukraine with a portfolio of holdings in excess of $1 billion. With a proven track record of over 22 years, VR Capital focuses on investments in emerging and developed markets. The firm operates via its principal offices in New York and London, and over 98% of its assets under management stem from investor relationships in the United States and Western Europe.
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