Shares in developer Samolet surged amid news that the company may undergo financial rehabilitation. VTB First Deputy Chairman Dmitry Pyanov said Samolet would most likely become the first major example of a comprehensive rehabilitation agreement being used under the updated insolvency and bankruptcy legislation.
According to Pyanov, the new law allows creditors representing a majority to initiate such an agreement with the involvement of the company’s other creditors.
The developer’s financial recovery will apparently take the form of restructuring its existing debt.
According to Pyanov, the new law allows creditors representing a majority to initiate such an agreement with the involvement of the company’s other creditors.
The developer’s financial recovery will apparently take the form of restructuring its existing debt.
