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.