Metinvest to Redraw Restructuring Plan for Debt Due in Two Weeks
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Metinvest BV said it will submit a new restructuring plan for $114 million of bonds maturing in two weeks after failing to win investor backing for a proposal to delay repayment of the debt.
The Ukrainian company withdrew the proposal after insufficient votes were cast before a May 1 meeting in London, according to a company statement. The nation’s largest steelmaker had asked holders of the 10.25 percent notes maturing on May 20 to accept 10 percent of the bonds’ face value now and defer the rest to January 2016.