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VEON noteholder creditor scheme effective, standstill begins
By Mary-Katherine Stinson
Lexington, Ky., Jan. 31 – VEON Ltd. and subsidiary VEON Holdings BV announced the scheme relating to eight-month extensions for VEON’s 5.95% notes due in February 2023 and 7¼% notes due in April 2023 has become effective and binding on all parties, according to a press release.
As previously reported, this includes among other things, the imposition of the scheme standstill, which will restrict 2023 noteholders (and other scheme creditors) from taking enforcement action (and other related actions) in accordance with the terms described in the scheme, as summarized in the explanatory statement issued by the company Dec. 21 and amended on Jan. 11.
The company announced that its credit scheme was approved by the court at a hearing on Jan. 30.
Information is available on the scheme website (https://deals.is.kroll.com/veon).
Amsterdam-based VEON Ltd. provides mobile and fixed-line telecommunications services through its subsidiaries in emerging markets.
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