Eurobond holder Veon is trying to ban the sale of VimpelCom through the court
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Management company “Leader”, which is the holder of Eurobonds of the holding Veonfiled a lawsuit againstVimpelcomy “(works under the brand”Beeline”) in order to prohibit the sale of the Russian operator without guarantees of payments to Russian holders of Eurobonds prescribed in the transaction Veon. However, the court rejected the petition, it follows from the information in the file of arbitration cases.
The “Leader” filed a lawsuit with the Moscow Arbitration Court back in September, trying to recover funds in the amount of debt obligations of Veon Holdings BV on bonds in the amount of about 1.8 billion rubles, however, the court has not yet begun consideration on the merits, it follows from the information in the file.
Initially, the plaintiff did not ask the court to take interim measures against VimpelCom, but on November 29, a few days after the conclusion of the agreement to buy the company from the parent holding, he filed a corresponding petition.
In particular, the “Leader” asked to seize the funds in bank accounts “Vimpelcoma” in the amount of claims and prohibit Veon Holdings BV to take any action related to the sale without including in the transaction perimeter the conditions that the new owners of VimpelCom will fully assume obligations to Russian Eurobond holders or issue replacement bonds on equivalent terms.
At the same time, the court considered that the plaintiff did not provide evidence that the failure to take interim measures would complicate the execution of the future verdict and rejected the petition, however, this decision can be appealed. The next hearing on the lawsuit itself is due on January 16.
On November 24, it became known that a group of top managers of VimpelCom, headed by CEO Alexander Torbakhov, entered into an agreement to buy the company from the Veon group of companies. As part of the deal, the Russian company was valued at about 370 billion rubles, Veon said in a release. But in accordance with the agreement, Veon will receive a reward of only 130 billion rubles, it was specified in an official statement. Later, Vedomosti wrote that the sale of VimpelCom would be carried out with borrowed funds. The most likely creditors are Sberbank, to which the operator already owes 100 billion rubles, as well as VTB and Gazprombank.
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