Court of Appeal has set a dangerous precedent in Ukrzaliznytsia -VR Global Partners case that would reduce the ability of Ukrainian banks to manage their bad loans exposure. In September, a Court of Appeal upheld Ukrzaliznytsia’s bid to invalidate an agreement by which the US-based fund, ... #UkrzaliznytsiaVRglobalPartners #UZdebt #UZnpl #VRGlobalPartners
Kyiv Commercial Court has confirmed the validity of the purchase of $153 million of Ukrzaliznytsia debt by VR Global Partners, L.P. Noting that VR has won seven judgements in a row on the Feb. 2019 purchase, Richard Deitz, the President of VR, described the railroad’s legal objections as “nothing other than a spurious attempt by t... #Ukrzaliznytsia #UkrzaliznytsiaDebt #UZdebt #VRGlobalPartnersandUZ
A major US investor in Ukraine, Richard A. Deitz, says UZ is ignoring Supreme Court rulings to avoid negotiating a settlement of a $300 million debt. “UZ has used every trick and procedural loophole to delay and draw out each and every court process,” Deitz, president of VR Capital Group Ltd., said June 15 in a 3,500-word testimony before a Rada co... #UkrzaliznytsiaDebt #UZdebt
VR offered a discount of $111 million to UZ, Deitz told the Rada and, later, the UBN in an interview. “UZ refused to even engage in negotiations over restructuring,” Deitz told the Rada of his experience over the last 2 ½ years. “Many of our letters received no response at all, and the Supervisory Boa... #UkrzalyznitsiaDebt #UZdebt
