VEON’s scheme approved by court
VEON Ltd., a global digital operator that provides converged connectivity and online services, and its subsidiary, VEON Holdings B.V., are pleased to announce that, further to the announcement issued on 26 January 2023 regarding the Scheme Sanction Hearing, the Court has today made an order sanctioning the Scheme in respect of the Company’s 2023 Notes.
In addition, the Company confirms that it has received confirmation from HM Revenue & Customs that the Order is not subject to stamp duty, and VEON Ltd. and VEON Amsterdam B.V. have executed the VEON Deed Poll.
The Order will take effect when delivered to the Registrar of Companies. Following this, 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 summarised in the Explanatory Statement issued by the Company on 21 December 2022, as amended on 11 January 2023.
Notwithstanding the sanctioning of the Scheme by the Court, the Amendments will only become effective if and when each of the Amendment Conditions has been satisfied or waived (in accordance with the Scheme). This includes the receipt by the Company of certain licences, and/or confirmations that no such licences are required, as set out in the Explanatory Statement (in the event that the Company determines, in its absolute discretion, that it requires such licences or confirmations).
Capitalised terms used but not defined in this announcement have the meaning given to them in the Explanatory Statement, which is available to the Scheme Creditors on the Scheme Website at https://deals.is.kroll.com/veon.
VEON Group CEO Kaan Terzioglu commented: “We welcome the approval of the scheme by Court which we believe is in the best interest of all stakeholders. This provides our Group with additional financial flexibility and time to conclude the sale of our Russian business.”
You must be logged in to post a comment Login