RCS - Petropavlovsk PLC - Outcome of Scheme Sanctions Hearings

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25/01/2023 12:00

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RNS Number : 8401N  Petropavlovsk PLC  25 January 2023

 

25 January 2023

 

Petropavlovsk PLC

Petropavlovsk 2010 Limited

Petropavlovsk 2016 Limited

all in administration

 

Outcome of Scheme Sanctions Hearings

Petropavlovsk PLC, Petropavlovsk 2010 Limited and Petropavlovsk 2016 Limited
(together the "Companies" and each a "Company") announce that, at a hearing of
the High Court in London held on 20 January 2023 in relation to each Company,
the scheme of arrangement proposed in relation to each Company (each a
"Scheme") was approved by the High Court.

The Schemes remain expected to become effective by the end of January 2023
(the "Scheme Effective Date"), with payments anticipated to be made to Scheme
Creditors whose claims have been duly submitted and accepted by or on behalf
of the Administrators shortly thereafter.

The High Court also approved minor drafting modifications to each Scheme, and
in respect of the Scheme relating to Petropavlovsk PLC, modifications:

·    to allow the Administrators of that Company to reserve for Scheme
Claims of which the Administrators are aware and in respect of which no proof
of claim has been submitted, and to extend the deadline for the submission of
Scheme Claims from 21 days to 90 days following the Scheme Effective Date; and

·    to apply a discount of 5% per annum to the present value of Scheme
Claims for liabilities of the Company which had not fallen due as at the date
of the order for the Administrators' appointment of 18 July 2022, consistent
with the Insolvency (England and Wales) Rules 2016.

 

Any Scheme Creditor who has not yet submitted his or her claim should do so as
quickly as possible.

Indicative timelines and contact details for the submission of claims that
have not previously been submitted for the purposes of voting are set out
below, together with the period of any holding trust during which Scheme
Creditors may provide authorities (such as licences under relevant sanctions
legislation) required to allow payment of their claims in accordance with the
terms of the relevant Scheme. The Scheme Effective Date and relevant
submission deadline for each Scheme will be announced once known.

Scheme Creditors should be aware that any claim not submitted by the
submission deadline for Scheme Claims may be considered waived in its entirety
and the liability of the relevant Company to the Scheme Creditor in respect of
such claim fully extinguished.

 

 Company                     Submission Deadline for Scheme Claims                                        Contact Details for the Submission of Scheme Claims                          Period of Holding Trust
 Petropavlovsk PLC           90 days following the Scheme Effective Date (i.e. expected late April 2023)  By email to petro@opusllp.com (mailto:petro@opusllp.com) using the proof of  365 days from the Scheme Effective Date (i.e. expected late January 2024)
                                                                                                          debt form available from the Scheme portal at

                                                                                                          https://i2capmark.com/event-details/84/Holder/petropavlovsk-plc
                                                                                                          (https://i2capmark.com/event-details/84/Holder/petropavlovsk-plc) .
 Petropavlovsk 2010 Limited  Before the end of the Holding Trust Period (i.e. expected by late January    By registration on the Scheme portal at                                      365 days from the Scheme Effective Date (i.e. expected late January 2024)
                             2024)                                                                        https://i2capmark.com/event-details/84/Holder/petropavlovsk-plc

                                                                            (https://i2capmark.com/event-details/84/Holder/petropavlovsk-plc) .

 Petropavlovsk 2016 Limited  Before the end of the Holding Trust Period (i.e. expected by late January    By registration on the Scheme portal at                                      365 days from the Scheme Effective Date (i.e.  expected late January 2024)
                             2024)                                                                        https://i2capmark.com/event-details/84/Holder/petropavlovsk-plc
                                                                                                          (https://i2capmark.com/event-details/84/Holder/petropavlovsk-plc) .

Further information on the schemes of arrangement (including definitions of
Scheme Creditors and Scheme Claims and details of the Holding Trust Period)
are set out in the scheme documents available at:
https://i2capmark.com/event-details/84/Holder/petropavlovsk-plc
(https://i2capmark.com/event-details/84/Holder/petropavlovsk-plc) .

 

Allister Manson, Trevor Binyon and Joanne Rolls, all of Opus Restructuring LLP
("Opus"), were appointed as joint administrators of Petropavlovsk PLC by order
of the High Court in London made on 18 July 2022. Allister Manson and Gareth
Wilcox, also of Opus were appointed as joint administrators of each of
Petropavlovsk 2010 Limited and Petropavlovsk 2016 Limited by orders of the
High Court in London made on 20 December 2022. All administrators act as agent
of the relevant Company without personal liability.

 

Enquiries

 

 Opus Business Advisory Group  +44 (0) 7967 658 296

 Nick Hood                     nick.hood@opusllp.com (mailto:nick.hood@opusllp.com)

 Allister Manson               petropavlovsk@opusllp.com (mailto:petropavlovsk@opusllp.com)

 Gareth Wilcox                 petrojersey@opusllp.com (mailto:petrojersey@opusllp.com)

 Petropavlovsk PLC             +44 (0) 7801 215 474

 Max Zaltsman                  mz (mailto:mz@petropavlovskplc.com) @petropavlovskplc.com
                               (mailto:mz@petropavlovskplc.com)
 Information Agent             +44 (0) 20 3633 1212

 i2 Capital Markets Limited    petropavlovsk@i2capmark.com (mailto:petropavlovsk@i2capmark.com)

 

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