29 Apr 2022 11:28

NLMK waives moratorium on bankruptcy, retains right to dividends and buyback

MOSCOW. April 29 (Interfax) - PJSC NLMK has filed an application to waive the moratorium on initiating bankruptcy proceedings according to applications filed by creditors, the company said in a notice posted in the Fedresurs unified federal register of important information on legal entities and individual entrepreneurs.

Consequently, the iron and steel works company will not be subject to the moratorium as per the Russian government's resolution of March 28, 2022.

Beginning on April 1, 2022, the government introduced a six-month moratorium on initiating bankruptcy cases at the request of creditors in relation to legal entities, individual entrepreneurs, and citizens. An issuer must waive the moratorium in order to retain the right to pay out dividends or redeem shares.