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VEON creditors vote in favor of scheme; hearing set for Jan. 30
By Marisa Wong
Los Angeles, Jan. 24 – VEON Ltd. and subsidiary VEON Holdings BV announced that, further to the announcement dated Dec. 21, the previously proposed scheme was overwhelmingly approved by scheme creditors at the meeting held Tuesday.
Of the scheme creditors present and voting at the meeting, 97.59% by value and 94.79% by number voted in favor of the scheme, with the required statutory majority – being a majority in number, representing at least 75% in value, of those present and voting – voting in favor.
The scheme sanction hearing is anticipated to take place on Jan. 30.
If the scheme is sanctioned by the court at the hearing, and the other specified conditions to the scheme are satisfied, then the scheme will become effective.
As previously reported, the scheme relates to eight-month extensions for VEON’s 5.95% notes due in February 2023 and 7¼% notes due in April 2023.
Amsterdam-based VEON Ltd. provides mobile and fixed-line telecommunications services through its subsidiaries in emerging markets.
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