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Ferrexpo plc announced on 23 January 2025 that creditor protection proceedings against its subsidiary Ferrexpo Poltava Mining (FPM), initiated by supplier LLC VKO "Kysen," have concluded. These proceedings were accepted by the Commercial Court on 11 March 2024, concerning an outstanding debt. FPM settled this debt to Kysen on 18 July 2024, and the court of appeal later refused to open Kysen's appeal proceedings, resulting in the closure of the creditor protection proceedings.
| Date | 23 Jan 2025 |
| Time | 09:52:39 |
| Category | Corporate updates |
| ID | 4682U |
23 January 2025
Ferrexpo plc
("Ferrexpo" or the "Group")
Update regarding Ukrainian Subsidiary
Ferrexpo plc (LSE: FXPO) provides an update on one of the proceedings against the Group's subsidiary Ferrexpo Poltava Mining ("FPM" or the "Company").
On 11 March 2024, the Group announced that an application from LLC VKO "Kysen" ("Kysen"), a supplier and related party to Ferrexpo Poltava Mining ("FPM"), to open creditor protection proceedings against FPM, was accepted by the Commercial Court in Poltava Oblast.
As announced on 31 July 2024, FPM settled the outstanding debt to the supplier on 18 July 2024 and submitted relevant documents to the court for consideration. After several delays, the court of appeal has refused to open the appeal proceedings lodged by Kysen. This means that the Kysen proceedings are now over, and the creditor protection proceedings are closed.
For further information please contact:
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Ferrexpo: |
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Nick Bias |
+44 (0)20 7389 8305 |
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+44 (0)7733 177 831 |
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Tavistock: |
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Jos Simson |
+44 (0)20 7920 3150 |
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Gareth Tredway
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+44 (0)7785 974 264 |
About Ferrexpo:
About Ferrexpo: Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a listing in the equity shares commercial companies category on the London Stock Exchange (ticker FXPO) and a constituent of the FTSE 250 and FTSE4Good indices. The Group produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo's operations have been supplying the global steel industry for over 50 years. Before Russia's full-scale invasion of Ukraine in February 2022, the Group was the world's third largest exporter of pellets. The Group has a global customer base comprising of premium steel mills around the world. For further information visit www.ferrexpo.com.