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VEON noteholder creditor scheme approved by court
Chicago, Jan. 30 – VEON Ltd. and subsidiary VEON Holdings BV announced that at a hearing on Jan. 30 its credit scheme was approved by the court, according to a press release.
The scheme relates to eight-month extensions for VEON’s 5.95% notes due in February 2023 and 7¼% notes due in April 2023, according to information previously provided by the company.
The scheme will become effective in accordance with its terms and will bind the company and all scheme creditors.
This will include, among other things, the imposition of the scheme standstill, which will restrict 2023 noteholders (and other scheme creditors) from taking enforcement action (and other related actions) in accordance with the terms described in the scheme, as summarized in the explanatory statement issued by the company Dec. 21 and amended on Jan. 11.
Information is available on the scheme website (https://deals.is.kroll.com/veon).
Amsterdam-based VEON Ltd. provides mobile and fixed-line telecommunications services through its subsidiaries in emerging markets.
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