VTB Capital confirms the positive outcome of the recently launched consent solicitation process relating to the Bulgarian Telecommunications Company EAD (BTC) €400,000,000 6⅝% Senior Secured Notes due 2018. The backing from over 87% of note holders marks an important and conclusive milestone in the proposed acquisition by a consortium of financial investors led by Spas Roussev of the shares of InterV Investment S.à r.l, a BTC holding company. Such consent was sought given that the terms of the new consortium’s shareholders’ agreement might give negative control over the purchasing entity to Mr. Spas Roussev, which could have resulted in a Change of Control under the Notes.
VTB Capital would like to highlight that allegations, initiated by Empreno Ventures and Dmitry Kosarev, who have tried to hinder this process, are completely unfounded and lack any legal base. To date, Mr. Kosarev has not been able to substantiate claims that he rightfully acquired any of the entities in the BTC holding company chain either to VTB Capital or any international regulator.