Published by Global Banking & Finance Review®
Posted on February 24, 2026
2 min readLast updated: April 2, 2026
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Ferrexpo says a Ukrainian court opened bankruptcy proceedings against its Ferrexpo Poltava Mining unit and appointed an insolvency manager. The outcome could influence operations and investor sentiment.
Feb 24 (Reuters) - A Ukrainian court has opened bankruptcy proceedings against Ferrexpo's iron ore mining subsidiary in the country and has appointed an insolvency manager, the London-listed company said on Tuesday, sending its shares down over 29%.
The miner said Ferrexpo Poltava Mining would appeal the ruling within the statutory 10-day period, and that the management would remain in place and run the business during that time.
But an appeal would not suspend the bankruptcy proceedings.
Shares of the miner fell as much as 29.7% to 50.5 pence, making it the top loser on the FTSE smallcap index.
In May 2025, the Commercial Court of Poltava had accepted an application to consider opening bankruptcy proceedings against the subsidiary.
Ferrexpo said on Tuesday the impact and timing of any bankruptcy proceedings remain unclear pending further court proceedings.
Ferrexpo has been battling legal disputes in Ukraine since 2022, when its controlling shareholder, Ukrainian billionaire Kostiantyn Zhevago, faced allegations that he embezzled money from the now-bankrupt lender Finance & Credit Bank.
(Reporting by Atharva Singh in Bengaluru; Editing by Sahal Muhammed)
A Ukrainian court has opened bankruptcy proceedings against Ferrexpo’s subsidiary, Ferrexpo Poltava Mining, and appointed an insolvency manager to oversee the process.
Ferrexpo Poltava Mining, the Ukrainian subsidiary of Ferrexpo PLC, is directly affected. The parent company and its investors may also face implications depending on court outcomes.
The proceedings may weigh on market sentiment toward FXPO shares and create uncertainty around Ukrainian operations until further court decisions clarify next steps.
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