Madison Pacific Trust Limited (MPT) has announced the search for holders of Privatbank Eurobonds. The message was published in the Holos Ukrainy newspaper, the Kyiv-based Interfax-Ukraine news agency has reported.
The London Court of International Arbitration (LCIA) has already established factors that will determine the rights of the bondholders, the agency said.
Context:
- The London International Arbitration Court, in a dispute over the payment of $ 335 million issued by Privatbank before nationalization, made a decision in favor of the owners of such bonds, but established a number of restrictions.
- As part of nationalization, the bank’s obligations to a specially created British company — the issuer of Eurobonds — were subject to a bail-in procedure. They were exchanged for shares of an additional issue of PrivatBank.
- In October 2017, the bank changed its principal for these Eurobonds — Madison Pacific Trust Limited instead of Deutsche Trustee Company Limited.
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