Menu
Menu
Publications by period
.
Mass media publications

Mass media publications

7 november 2017
The High Court of Justice of England and Wales has approved a Scheme of Arrangement proposed by the FESCO transport Group to restructure $550 million in 2018 and $325 million in 2020 notes, PJSC Far Eastern Shipping Company (MOEX: FESH), the parent company of the FESCO transport group, said in a press release.

The Scheme of Arrangement was approved by the requisite majorities of the Scheme Creditors at a Scheme Meeting held on October 2017.

Far Eastern Shipping Company said on November 7 that it and its subsidiaries had signed a credit facility agreement with VTB Bank (MOEX: VTBR) for a total amount of up to $680 million. The group will use the funds "to repay and/or settle a significant portion of existing financial liabilities." PJSC Commercial Port of Vladivostok (MOEX: VMTP), a member of the group, will act as borrower.

The credit line will be extended for five years for the purposes of financing payment of the Settlement Amount to Scheme Creditors in connection with the restructuring of the group's indebtedness; under the outstanding 8.00% senior secured notes due 2018 and 8.75% senior secured notes due 2020 for refinancing the Repurchased Notes Facility, as well as for other debt restructuring purposes.

all publications