Dutch Metinvest B.V., the parent company of Ukraine's Metinvest mining and metal group, has filed a motion in the U.S. Bankruptcy Court for the District of Delaware in relation to the hearing of its case in the High Court of Justice of England and Wales asking to uphold the British court's decisions, Interfax-Ukraine reported today. The group said that the motion was filed to meet chapter 15 of the Bankruptcy Code regulating ancillary and other cross-border insolvency cases in the U.S. The case of Metinvest is heard by the British court, the company asks to admit the decisions of the British court in the U.S. The hearing date is July 21; objections can be submitted before July 15. Metinvest has agreed to restructure eurobonds and pre-export finance facilities (PXF) facilities with a committee of creditors. The agreement concerns $85.5 million notes due in 2016, $298.6 million notes due in 2017 and $750 million notes due in 2018 and $1.07 billion PXF facilities. Some 75 percent of noteholders must approve the offer to validate it.
Cover all aspects of the UNCITRAL Model Law on Cross-Border Insolvency as well as chapter 15 of the Bankruptcy Code with ABI’s Chapter 15 for Foreign Debtors.