diff --git a/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/llvm/ContextUtils.kt b/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/llvm/ContextUtils.kt
index 7a2210d8bb3..457d13b441f 100644
--- a/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/llvm/ContextUtils.kt
+++ b/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/llvm/ContextUtils.kt
@@ -15,6 +15,7 @@ import org.jetbrains.kotlin.library.resolver.TopologicalLibraryOrder
 import org.jetbrains.kotlin.backend.konan.Context
 import org.jetbrains.kotlin.backend.konan.hash.GlobalHash
 import org.jetbrains.kotlin.backend.konan.ir.llvmSymbolOrigin
+import org.jetbrains.kotlin.descriptors.ModuleDescriptor
 import org.jetbrains.kotlin.descriptors.konan.CompiledKlibModuleOrigin
 import org.jetbrains.kotlin.descriptors.konan.CurrentKlibModuleOrigin
 import org.jetbrains.kotlin.descriptors.konan.DeserializedKlibModuleOrigin
@@ -638,4 +639,4 @@ internal class Llvm(val context: Context, val llvmModule: LLVMModuleRef) {
     val llvmVector128 = vector128Type
 }
 
-class IrStaticInitializer(val file: IrFile, val initializer: LLVMValueRef)
+class IrStaticInitializer(val module: ModuleDescriptor, val initializer: LLVMValueRef)
diff --git a/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/llvm/IrToBitcode.kt b/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/llvm/IrToBitcode.kt
index e58d37903a5..8925ef0adef 100644
--- a/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/llvm/IrToBitcode.kt
+++ b/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/llvm/IrToBitcode.kt
@@ -17,6 +17,7 @@ import org.jetbrains.kotlin.backend.konan.ir.*
 import org.jetbrains.kotlin.backend.konan.llvm.coverage.LLVMCoverageInstrumentation
 import org.jetbrains.kotlin.builtins.UnsignedType
 import org.jetbrains.kotlin.descriptors.Modality
+import org.jetbrains.kotlin.descriptors.ModuleDescriptor
 import org.jetbrains.kotlin.ir.IrElement
 import org.jetbrains.kotlin.ir.IrStatement
 import org.jetbrains.kotlin.ir.UNDEFINED_OFFSET
@@ -322,6 +323,23 @@ internal class CodeGeneratorVisitor(val context: Context, val lifetimes: Map<IrE
         context.cAdapterGenerator.generateBindings(codegen)
     }
 
+    private fun runAndProcessInitializers(module: ModuleDescriptor, f: () -> Unit) {
+        // TODO: collect those two in one place.
+        context.llvm.fileInitializers.clear()
+        context.llvm.fileUsesThreadLocalObjects = false
+        context.llvm.globalSharedObjects.clear()
+
+        f()
+
+        if (context.llvm.fileInitializers.isEmpty() && !context.llvm.fileUsesThreadLocalObjects && context.llvm.globalSharedObjects.isEmpty()) {
+            return
+        }
+
+        // Create global initialization records.
+        val initNode = createInitNode(createInitBody())
+        context.llvm.irStaticInitializers.add(IrStaticInitializer(module, createInitCtor(initNode)))
+    }
+
     //-------------------------------------------------------------------------//
 
     override fun visitElement(element: IrElement) {
@@ -337,19 +355,22 @@ internal class CodeGeneratorVisitor(val context: Context, val lifetimes: Map<IrE
         initializeCachedBoxes(context)
         declaration.acceptChildrenVoid(this)
 
-        // Note: it is here because it also generates some bitcode.
-        context.objCExport.generate(codegen)
+        runAndProcessInitializers(declaration.descriptor) {
+            // Note: it is here because it also generates some bitcode.
+            context.objCExport.generate(codegen)
 
-        codegen.objCDataGenerator?.finishModule()
+            codegen.objCDataGenerator?.finishModule()
 
-        context.coverage.writeRegionInfo()
-        appendDebugSelector()
-        appendLlvmUsed("llvm.used", context.llvm.usedFunctions + context.llvm.usedGlobals)
-        appendLlvmUsed("llvm.compiler.used", context.llvm.compilerUsedGlobals)
-        appendStaticInitializers()
-        if (context.isNativeLibrary) {
-            appendCAdapters()
+            context.coverage.writeRegionInfo()
+            appendDebugSelector()
+            appendLlvmUsed("llvm.used", context.llvm.usedFunctions + context.llvm.usedGlobals)
+            appendLlvmUsed("llvm.compiler.used", context.llvm.compilerUsedGlobals)
+            if (context.isNativeLibrary) {
+                appendCAdapters()
+            }
         }
+
+        appendStaticInitializers()
     }
 
     //-------------------------------------------------------------------------//
@@ -487,21 +508,11 @@ internal class CodeGeneratorVisitor(val context: Context, val lifetimes: Map<IrE
     //-------------------------------------------------------------------------//
 
     override fun visitFile(declaration: IrFile) {
-        // TODO: collect those two in one place.
-        context.llvm.fileInitializers.clear()
-        context.llvm.fileUsesThreadLocalObjects = false
-        context.llvm.globalSharedObjects.clear()
-
         @Suppress("UNCHECKED_CAST")
         using(FileScope(declaration)) {
-            declaration.acceptChildrenVoid(this)
-
-            if (context.llvm.fileInitializers.isEmpty() && !context.llvm.fileUsesThreadLocalObjects && context.llvm.globalSharedObjects.isEmpty())
-                return
-
-            // Create global initialization records.
-            val initNode = createInitNode(createInitBody())
-            context.llvm.irStaticInitializers.add(IrStaticInitializer(declaration, createInitCtor(initNode)))
+            runAndProcessInitializers(declaration.packageFragmentDescriptor.module) {
+                declaration.acceptChildrenVoid(this)
+            }
         }
     }
 
@@ -2413,7 +2424,7 @@ internal class CodeGeneratorVisitor(val context: Context, val lifetimes: Map<IrE
         }
 
         context.llvm.irStaticInitializers.forEach {
-            val library = it.file.packageFragmentDescriptor.module.konanLibrary
+            val library = it.module.konanLibrary
             val initializers = libraryToInitializers[library]
                     ?: error("initializer for not included library ${library?.libraryFile}")
 
diff --git a/backend.native/tests/build.gradle b/backend.native/tests/build.gradle
index 57fb26b233e..06dd86449dd 100644
--- a/backend.native/tests/build.gradle
+++ b/backend.native/tests/build.gradle
@@ -4208,6 +4208,15 @@ dynamicTest("interop_concurrentRuntime") {
     expectedExitStatus = 99
 }
 
+dynamicTest("interop_kt42397") {
+    disabled = (project.testTarget != null && project.testTarget != project.hostName) ||
+            project.globalTestArgs.contains('-opt')
+    source = "interop/kt42397/knlibrary.kt"
+    cSource = "$projectDir/interop/kt42397/test.cpp"
+    clangTool = "clang++"
+    flags = ['-g']
+}
+
 task library_mismatch(type: KonanDriverTest) {
     // Does not work for cross targets yet.
     enabled = !(project.testTarget != null && project.target.name != project.hostName)
@@ -4467,6 +4476,15 @@ if (isAppleTarget(project)) {
         }
         swiftSources = ['framework/gh3343/']
     }
+
+    frameworkTest("testKt42397Framework") {
+        enabled = !project.globalTestArgs.contains('-opt')
+        framework("Kt42397") {
+            sources = ['framework/kt42397']
+            opts = ['-g']
+        }
+        swiftSources = ['framework/kt42397']
+    }
 }
 
 /**
diff --git a/backend.native/tests/framework/kt42397/knlibrary.kt b/backend.native/tests/framework/kt42397/knlibrary.kt
new file mode 100644
index 00000000000..3d4a4d25cb0
--- /dev/null
+++ b/backend.native/tests/framework/kt42397/knlibrary.kt
@@ -0,0 +1,12 @@
+// The following 2 singletons are unused. However, since we are generating ObjC bindings for them,
+// they should be marked as used, so that the code generator emits their deinitialization.
+
+object A {
+    fun foo() = 1
+}
+
+class B {
+    companion object {
+        fun foo() = 2
+    }
+}
diff --git a/backend.native/tests/framework/kt42397/test.swift b/backend.native/tests/framework/kt42397/test.swift
new file mode 100644
index 00000000000..e154ca1c476
--- /dev/null
+++ b/backend.native/tests/framework/kt42397/test.swift
@@ -0,0 +1,39 @@
+import Kt42397
+
+class Results {
+    var aFoo: Int32 = 0
+    var bFoo: Int32 = 0
+}
+
+func runTestKt42397(pointer: UnsafeMutableRawPointer) -> UnsafeMutableRawPointer? {
+    autoreleasepool {
+        let results = pointer.bindMemory(to: Results.self, capacity: 1).pointee
+        results.aFoo = A().foo()
+        results.bFoo = B.Companion().foo()
+    }
+
+    return nil
+}
+
+func testKt42397() throws {
+    let results = Results()
+    let resultsPtr = UnsafeMutablePointer<Results>.allocate(capacity: 1)
+    resultsPtr.initialize(to: results)
+    var thread: pthread_t? = nil
+    let result = pthread_create(&thread, nil, runTestKt42397, resultsPtr)
+    try assertEquals(actual: result, expected: 0)
+    pthread_join(thread!, nil)
+
+    try assertEquals(actual: results.aFoo, expected: 1)
+    try assertEquals(actual: results.bFoo, expected: 2)
+}
+
+// -------- Execution of the test --------
+
+class TestTests : SimpleTestProvider {
+    override init() {
+        super.init()
+
+        test("Kt42397", testKt42397)
+    }
+}
diff --git a/backend.native/tests/interop/kt42397/knlibrary.kt b/backend.native/tests/interop/kt42397/knlibrary.kt
new file mode 100644
index 00000000000..eaefd5a1ad6
--- /dev/null
+++ b/backend.native/tests/interop/kt42397/knlibrary.kt
@@ -0,0 +1,10 @@
+package knlibrary
+
+// The following 2 singletons are unused. However, since we are generating C bindings for them,
+// they should be marked as used, so that the code generator emits their deinitialization.
+
+object A {}
+
+class B {
+    companion object {}
+}
diff --git a/backend.native/tests/interop/kt42397/test.cpp b/backend.native/tests/interop/kt42397/test.cpp
new file mode 100644
index 00000000000..2bd5cc286db
--- /dev/null
+++ b/backend.native/tests/interop/kt42397/test.cpp
@@ -0,0 +1,26 @@
+#include "testlib_api.h"
+
+#include <thread>
+
+int main() {
+    auto t = std::thread([] {
+        auto lib = testlib_symbols();
+
+        // Initialize A and B.Companion and get their stable pointers.
+        auto a = lib->kotlin.root.knlibrary.A._instance();
+        auto bCompanion = lib->kotlin.root.knlibrary.B.Companion._instance();
+
+        // Now, dispose of the stable pointers.
+        lib->DisposeStablePointer(bCompanion.pinned);
+        lib->DisposeStablePointer(a.pinned);
+
+        // A and B.Companion now are owned by the global references only.
+    });
+
+    // This causes Kotlin runtime full deinitialization, because `t` is the only thread
+    // with the Kotlin runtime. So, all the globals will get deinitialized and memory
+    // leak checker will get executed (because .kt code is compiled with -g).
+    t.join();
+
+    return 0;
+}