Metinvest 2015 Eurobond restructuring postponed for quorum vote

Обзор облигаций 03.06.2015 Metinvest announced yesterday the results of bondholder meetings to vote on reviewing the terms of the company's 2015, 2017 and 2018 Eurobonds. While the extraordinary resolutions to restructure the 2017 and 2018 notes were duly passed, the quorum required to vote on the 2015 note was not present. As a result, the meeting was adjourned to a date to be announced by the company. Investment implications: Although Metinvest improved the restructuring terms on its 2015s, including increasing the down payment from 10% to 25%, the company failed to gain sufficient support from the bondholders. Therefore, we expect further concessions to be made by the company. The success in getting to an agreement on the restructuring terms for 2017 and 2018 Eurobonds is a positive sign, meaning that the larger overall restructuring process could begin soon.