The High Court of Justice of England and Wales on Jan. 17 granted an order to convene the proposed meeting of the holders of the notes of Metinvest B.V. (the Netherlands), the parent company of Mentinvest Group, and the proposed meeting of the lenders under the PXF Facilities for the purposes of considering and, if thought fit, approving the restructuring scheme, the company has said on the Irish Stock Exchange (ISE).
The company said that the notes scheme meeting will be held at the offices of Allen & Overy LLP, One Bishops Square, London on Feb. 6, 2017 commencing at 10.00 a.m. (London time).
The scheme will also be subject to the approval of the requisite majority of PXF scheme creditors at the PXF scheme meeting and the subsequent approval of the court.
The scheme meetings will be followed by a further hearing in the English court on or about Feb. 8, 2017 pursuant to which the court will be requested to sanction the restructuring scheme. The company anticipates that the restructuring will be implemented approximately three weeks following that hearing.
According to the press release, Metinvest B.V. is seeking to implement a restructuring of its financial indebtedness under its unsecured guaranteed notes and pre-export finance facilities contemplated by the non-binding restructuring heads of terms published by the company on May 25, 2016.
The restructuring is intended to be implemented via an English scheme of arrangement.
“Neither the company nor any of its affiliates has applied for bankruptcy proceedings. The company and its affiliates (including Metinvest U.S., Inc., United Coal Company LLC and their affiliates) will be carrying on their businesses and operations in the usual manner,” the company said.
Formal lock-up agreements are in place and the required majorities of noteholders and PXF lenders to approve the restructuring scheme have already been obtained.
