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Metinvest to pay 30% of accrued interest on 2016, 2017 and 2018 notes
By Wendy Van Sickle
Columbus, Ohio, Feb. 19 – Metinvest BV will pay 30% of accrued interest on its 2016, 2017 and 2018 notes for the period of Jan. 31 through Feb. 14 on Monday in accordance with its scheme of arrangement, according to a notice.
Specifically, the company will pay $110,757 on the 10¼% notes due 2016, $385,167 on the 10½% notes due 2017 and $843,620 on the 8¾% notes due 2018, regardless of whether the interest is then due under the terms and conditions of the notes.
As previously reported, Metinvest was required under the scheme to add accrued interest on the notes up to Jan. 31 to the principal amount of the relevant notes.
Following the capitalization of the unpaid interest amounts, the principal amount of the 2016 notes was $86.45 million, the principal amount of the 2017 notes was $293.46 million, and the principal amount of the 2018 notes was $771.31 million.
Metinvest’s scheme was recognized by the U.S. Bankruptcy Court for the District of Delaware on Feb. 8, giving full force and effect to the scheme in the United States.
The scheme was sanctioned in January by the High Court of Justice of England and Wales.
Metinvest is an integrated mining and steel business based in Donetsk, Ukraine. The company filed for bankruptcy on Jan. 13 under Chapter 15 case number 16-10105.
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