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Art Capital Research: Court approved Metinvest scheme meeting on jan 27

January 14, 2016 | Cbonds

The High Court of England and Wales ruled on Jan 13 to convene a Metinvest scheme meeting, which is now scheduled for Jan 27. The record date for the meeting is set on Jan 22. The scheme creditors consist of holders of $1.125 bn of Notes and $1.089 bn of PXF loans. At the same time, Metinvest is seeking to expand the jurisdiction of the British Court to other countries, where it has registered assets. In its scheme announcement, the company mentioned that the ruling of the British Court will be recognized in the Netherlands. Now Metinvest also filed a chapter 15 proceeding with the United States Bankruptcy Court for the District of Delaware in order to obtain recognition of the rulings of the British Court in the USA. Metinvest owns United Coal Company LLC, headquartered in Tennessee. In other news, Bloomberg sources indicate a group of investors led by Pioneer Investment Management Ltd is seeking to gain 25% blocking stake for the scheme vote. At the same time, another group advised by PJT Partners, which controls 51% of eligible debt, is said to have approved the scheme in principle.

Art Capital view: There is no indication so far if the holdout group will reach the required 25% to block the scheme vote. Meanwhile Metinvest is taking necessary steps to expand the jurisdiction of the British Court to make sure the scheme is recognized in all appropriate locations once approved. At this point, we consider it more likely that the scheme will go through given upbeat long-term prospects for Ukrainian assets and miserable recovery rate in case of unwinding of Metinvest’s assets amid a commodity crisis. METINV’16,’17, and’18 now trade at 44.4, 44 and 43, respectively, unchanged from yesterday’s quotes.

Організація: Metinvest

Повна назва організаціїMetinvest B.V.
Країна ризикуUkraine
Країна реєстраціїNetherlands
ГалузьFerrous metals

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