Metinvest Wins Key Vote in $3 Billion Debt-Restructuring Push
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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.