Metinvest foreign representative asks court to close Chapter 15 case

By Caroline Salls

Pittsburgh, April 4 – Metinvest BV’s foreign representative asked the U.S. Bankruptcy Court for the District of Delaware to close the company’s Chapter 15 bankruptcy case, according to a Tuesday filing.

Foreign representative Svitlana Romanova said a restructuring proposal was implemented on March 22 under Metinvest’s third scheme of arrangement under its English Companies Act proceeding.

As a result, Romanova said the Chapter 15 case should be dismissed because it has been fully administered.

Under the scheme sanctioned in the English proceedings, the company’s notes were canceled and each noteholder received new notes.

In addition, Metinvest’s PXF facilities were replaced by a single amended and restated facility.

A hearing is scheduled for May 10.

Metinvest filed for Chapter 15 bankruptcy on Jan. 13, 2016 under case number 16-10105.

Metinvest is an integrated mining and steel business based in Donetsk, Ukraine.

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