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Concorde Capital Research: Ukraine court rules Privatbank must pay USD 0.6 mln to bailed-in Eurobond holder

March 30, 2018 | Cbonds

The Kyiv Economic Court ruled on March 28 that Privatbank (PRBANK) must partially satisfy the claim of the holder of bail-in Eurobonds, the finclub.net news site reported on March 29, citing Ukraine’s central bank. In particular, the court ordered Privatbank to pay USD 574,000 to THEO Worldwide Corp. The central bank also reported that an appeal to that ruling is being prepared. So far, the ruling itself is not available publicly.

In its complaint, THEO Worldwide Corp. had asked the court to cancel the bail-in of the USD 600,000 in Privatabank Eurobonds that it held (including USD 400,000 in senior notes due in January 2018 and USD 200,000 in subordinated notes due in February 2021) and compensate losses from the bank in total amount of USD 663,000, according to information available at the court registry.

Alexander Paraschiy: This is just the ruling of the court of first instance, and we can't say at this point whether an appellate court will support it. Potentially, it may be an encouraging precedent for all the Privatbank Eurobond holders.

Company: PrivatBank

Full company namePrivatBank PJSC
Country of riskUkraine
Country of registrationUkraine
IndustryBanks

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