High Court of London allows sale of Petropavlovsk's assets to UMMC

LONDON, Aug 2 (PRIME) -- The High Court of Justice in London has issued a permit to introduce external management on gold producer Petropavlovsk and to sell its assets to the largest creditor Ural Metals and Mining Company (UMMC), according to the court documents seen by PRIME on Tuesday.

Media reported earlier that UMMC and its key shareholder Konstantin Strukov had filed bids to buy assets of Petropavlovsk. Strukov bought a 22.37% stake in the form of shares and a 5.97% stake in the form of convertible bonds of Petropavlovsk from businessman Roman Trotsenko in 2020.

In July, Petropavlovsk initiated insolvency and filed to the U.K. Financial Conduct Authority (FCA) to delist from the London Stock Exchange (LSE).

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