Oracle's readiness to buy out the debt to Russian
Posted: Sun Jan 19, 2025 9:31 am
ut the deal will be made at a price of no more than 60% of the face value and on condition that the creditors refuse to make new demands in the future.
creditors was announced by the company's representative Artem Antonov on Wednesday, November 6, during one of the court hearings, an RBC correspondent reports. "A little over a week ago, on behalf of Oracle Corp., we sent letters to all creditors with an offer to buy out the debt. All those years, while the courts were going on, Oracle [was trying to get] a license from US regulatory authorities that the company could pay off debts, and now it has finally received it. Without such a license, Oracle could not interact with Russian creditors in any way because of the sanctions," the lawyer said.
RBC has reviewed mexico whatsapp number database the text of the letter. It follows from it that the company is ready to buy out the claims against its Russian subsidiary Oracle Computer Equipment for no more than 60% of the par value. The condition of the deal is that the creditors waive any new claims against the Russian legal entity. The total amount of debt to all creditors is more than 1.4 billion rubles, i.e. we may be talking about 840 million rubles, or $8.5 million at the current exchange rate.
to buy out part of the debt was obtained following several months of interaction with the regulator." At the same time, it is stated that, according to the issued permission, the maximum amount, like other conditions, cannot change. "The company proposes to settle the debts by buying out claims from creditors. For regulatory reasons and taking into account the position of foreign consultants, the company currently considers other options (including the option of concluding a settlement agreement under the bankruptcy law) unavailable," the letter says, with the caveat that "there is a possibility" that the option of a settlement agreement may become available in the future.
creditors was announced by the company's representative Artem Antonov on Wednesday, November 6, during one of the court hearings, an RBC correspondent reports. "A little over a week ago, on behalf of Oracle Corp., we sent letters to all creditors with an offer to buy out the debt. All those years, while the courts were going on, Oracle [was trying to get] a license from US regulatory authorities that the company could pay off debts, and now it has finally received it. Without such a license, Oracle could not interact with Russian creditors in any way because of the sanctions," the lawyer said.
RBC has reviewed mexico whatsapp number database the text of the letter. It follows from it that the company is ready to buy out the claims against its Russian subsidiary Oracle Computer Equipment for no more than 60% of the par value. The condition of the deal is that the creditors waive any new claims against the Russian legal entity. The total amount of debt to all creditors is more than 1.4 billion rubles, i.e. we may be talking about 840 million rubles, or $8.5 million at the current exchange rate.
to buy out part of the debt was obtained following several months of interaction with the regulator." At the same time, it is stated that, according to the issued permission, the maximum amount, like other conditions, cannot change. "The company proposes to settle the debts by buying out claims from creditors. For regulatory reasons and taking into account the position of foreign consultants, the company currently considers other options (including the option of concluding a settlement agreement under the bankruptcy law) unavailable," the letter says, with the caveat that "there is a possibility" that the option of a settlement agreement may become available in the future.