Gold miner Petropavlovsk to sell UMMC assets
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“Petropavlovsk 2010 Limited announces that on August 1, 2022, Petropavlovsk PLC and its external managers Allister Manson, Trevor Binyon and Joanne Rolls of Opus Group LLP have entered into an agreement with UMMC-invest to sell the company UMMC all rights, ownership rights and shares of the guarantor in its subsidiaries in Russia and most subsidiaries in other jurisdictions,” the statement says.
In a statement, Petropavlovsk clarifies that the sale is subject to a number of issues and is due to be completed by September 30, 2022, and is valued at more than $600 million.
July 14 Kommersant, citing sources informedthat applications for the acquisition of the company’s assets were submitted by the main shareholder Konstantin Strukov, who owns 29.19% and the largest creditor – UMMC.
The company’s position worsened after the start of Russia’s special operation in Ukraine: it is registered in the UK, and the main creditor was Gazprombank (GPB). After the imposition of sanctions against the bank, Petropavlovsk lost the opportunity to sell gold to Gazprombank, which, under the terms of the loan agreement, bought out 100%, and make payments on loans.
The company raised a $200 million loan and a $86.7 million revolving credit line from the bank. a $87.1 million loan (including interest) was transferred to Nordik.
July 12 informedthat applied to the High Court of London for the appointment of external management.
August 3 “Interfax” with reference to the press service of the UMMC informedthat the company included “Susumanzoloto”, as well as its subsidiaries and structural divisions.
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