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Petropavlovsk shares suspended after indebted miner files for administration

Trading in Petropavlovsk shares has been suspended after the debt-laden Russian gold maker announced it would apply for management in the London Supreme Court.

The registered miner in London was Got into a crisis Earlier this year after the UK imposed sanctions on its main lender Gazprombank following Invasion of Ukraine.

Gazprombank demanded an immediate repayment of a $ 200 million loan in April, but later assigned the rights to the debt to UMMC-Invest, a Russian metal maker.

In a statement, PetropavlovskRented Gold in Russia’s Far East and based in Moscow, said it was “very unlikely” that it would be able to refinance the loan in the near term.

The company also has $ 300 million of open-ended fund on bonds that matured in December and is having difficulty refinancing.

Attempts to find a buyer for its properties have drawn interest on the one hand, the company said, and discussions are ongoing.

However, given its level of debt, it said there was no certainty there would be a return for shareholders.

In her statement, Petropavlovsk also included statements she plans to submit to the London Supreme Court. One of them said the company had assets of about $ 1.62 billion at the end of June and future liabilities of $ 1.7 billion.

Petropavlovsk was one of the few Russian groups with shares still traded in the UK.

Founded by Netzer for the Hambro Banks family, once one of the largest gold miners listed in London, and until recently a member of the FTSE 250 index.

Its shares closed Monday at 1.2p, down from 19p at the beginning of the year. At this price, its equity is valued at less than £ 50 million.

Petroplovsk also sought to stop trading in its shares traded in Moscow.

Petropavlovsk shares suspended after indebted miner files for administration Source link Petropavlovsk shares suspended after indebted miner files for administration

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