“The default of Naftogaz is being postponed”: Alexey Chernyshov, Chairman of the Board of NJSC Naftogaz of Ukraine (Photo: Press Service of NJSC Naftogaz of Ukraine)
NAC Naftogaz of Ukraine completes negotiations with creditors on the restructuring of Eurobonds, on which the company defaulted, writes HB.
This was stated by the head of the company Alexei Chernyshov in an interview. CNBC.
“By the end of this month, we plan to obtain the consent of our bondholders for the restructuring. This is happening quite intensely right now. I plan to complete this process within two weeks.“, Chernyshov said.
In July last year, the Cabinet went to defaulttons on Eurobonds of NJSC Naftogaz of Ukraine.
In August, the government said it was “counting on a positive decision” by Naftogaz bondholders, which “will allow the consolidation of all available resources for the state’s priority needs.”
However, bondholders maturing in 2022 and 2026 rejected the company’s offers, leading to a default. 2024 bondholders agreewhich made it possible to defer the payment of 600 million euros of principal and 90 million euros of interest.
Is the default of Naftogaz postponed?
Naftogaz in July was instructed by the Ukrainian government to restructure. In August, the government said it was “counting on a positive decision” by Naftogaz bondholders, which “will allow the consolidation of all available resources for the state’s priority needs.”
It was also reported that the British hedge fund VR Capital took the lead in blocking Naftogaz Ukraine’s debt restructuring.
In November, the Cabinet of Ministers dismissed Yuriy Vitrenko from the post of head of NJSC Naftogaz of Ukraine.
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