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Russian Gold Miner Petropavlovsk Files for Administration in London

  • Sanctions on lender Gazprombank drove company into default
  • Miner has notes due in November, a convertible bond in 2024

Russian gold miner Petropavlovsk Plc will file for administration as it negotiates the sale of its subsidiaries, after the company was hobbled by sanctions on a key partner.  

The company’s board of directors will seek a hearing of the administration application at the High Court in London in the coming days, it said in a filing Tuesday. The application will include the appointment of Allister Manson, Trevor Binyon and Jo Rolls of Opus Business Advisory Group as administrators of the company.