Metinvest BV, controlled by Ukrainian billionaire Rinat Akhmetov, won a bondholder vote at the third attempt, overcoming opposition that threatened to derail plans to restructure more than $3 billion of debt.
The steelmaker’s payment plan for $114 million of bonds that matured May 20 passed at a meeting Friday, according to a company statement. Two earlier votes failed after bondholders seeking payment at par, including Marathon Asset Management and Noster Capital, prevented a quorum.
The result comes after Metinvest said it would turn to U.K. courts in a bid to sidestep the group of creditors who hold less than 1 percent of its total debt. The company is seeking to restructure borrowings after almost all of its facilities in war-torn eastern Ukraine were hit by shelling and mortar attacks.
Under the resolution, Metinvest will pay $28 million to noteholders within three working days. The balance will be paid in January, depending on the wider debt-restructuring plan.
The company said last week it would start an application for a scheme-of-arrangement process in London if bondholders failed to accept the resolution. The holdout creditors wrote to the company earlier this month saying they had enough votes to block the proposal, according to the June 19 statement.