Rostelecom waives bankruptcy moratorium, retains right to pay dividends

MOSCOW. May 25 (Interfax) - Rostelecom has filed a request to waive the moratorium on filing bankruptcy cases based on claims by creditors, the company said in a statement.

"PJSC Rostelecom is announcing a waiver of the moratorium on initiation of bankruptcy proceedings on applications filed by creditors, introduced by the Russian government for 6 months (through October 1, 2022), and has entered the relevant information about it in the Unified Federal Register of Bankruptcy Information," the company said.

Thus, the company will not be subject to the moratorium introduced by the Russian government on March 28, 2022.

The government introduced a six-month moratorium on institution of bankruptcy proceedings upon application of creditors against legal entities, individual entrepreneurs and citizens as of April 1, 2022. In order to retain the right to pay dividends or conduct buybacks, the issuer must waive the moratorium.