RUSSIAN financial services giant VTB has reportedly come out in support of Sapinda’s bid to persuade Russia-focused gold miner Petropavlovsk to renegotiate its mooted refinancing plan.
In the latest twist in this enduring tug of war between Sapinda and the gold miner’s board. VTB – one of Petropavlovsk’s senior lenders – yesterday privately backed Sapinda’s proposal. A person close to Petropavlovsk’s creditors told the Financial Times that VTB viewed the Sapinda plan as “the only possible step which could save Petropavlovsk”.
The London-listed miner’s debt refinancing plans were thrown into turmoil earlier this week when Amsterdam-based investment vehicle Sapinda announced it had acquired a significant stake in the company and would vote against the current proposal unless it was renegotiated.
VTB could not be reached for comment.