23rd Jan 2025 11:54
(Alliance News) - Ferrexpo PLC on Thursday said debt claims against its Ukrainian subsidiary have now closed, following the rejection of a court appeal.
LLC VKO, or Kysen, was a supplier to subsidiary Ferrexpo Poltava Mining that sought out legal action against the subsidiary in March 2024.
Kysen claimed the subsidiary owed a debt of UAH2.2 million, or around USD52,000, and opened proceedings with the Commercial Court in Poltava Oblast.
Ferrexpo settled the outstanding debt in July 2024, alongside "relevant documents" for consideration by the court.
On Thursday, the Baar, Switzerland-headquartered iron ore pellets producer in Ukraine said a court of appeal has refused to open appeal proceedings lodged by Kysen, bringing the creditor protection proceedings to a close.
The postponement of a scheduled hearing for this case had delayed the release of Ferrexpo's full-year results in March 2024, which had seen the release pushed back to mid-April.
Shares in Ferrexpo were up 0.3% at 103.51 pence each in London on Thursday morning. Its shares have risen nearly 25% over the last 12 months, giving it a market capitalisation of GBP611.1 million.
By Emily Parsons, Alliance News reporter
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