VR Capital welcomes the sixth decision of the Supreme Court concerning the recovery of debt from Ukrainian Railways
On July 15, 2021, the Supreme Court of Ukraine upheld lower court decisions in favor of VR Global Partners, L.P. (VRGP) with respect to VRGP's claim for repayment of debt of Ukrainian Railways in the amount of USD 15.7 million. This marks the sixth decision of the Supreme Court in favor of VRGP in respect of claims it holds against Ukrainian Railways.
In addition, on July 19, 2021, the Northern Commercial Court of Appeal rejected Ukrainian Railways' appeal and confirmed the legality of the recovery of the debt from Ukrainian Railways in favor of VR Global Partners, L.P. with respect to another loan in the amount of USD 15.7 million. The decision in this case has entered into force and can be enforced.
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 court decisions 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. On July 8, 2021, the Supreme Court ruled in a fifth case. In all cases, the Supreme Court upheld the position of the lower courts and denied in full 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 authorized by the UK Financial Conduct Authority. VRGP began operations in May 1999.
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.
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