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Ukrzaliznytsia restructured external debt, needs to reschedule 40% of internal debt

Ukrzaliznytsia restructured external debt, needs to reschedule 40% of internal debtPublic joint-stock company Ukrzaliznytsia needs to reschedule around 40% of internal debt, and its external debt has been restructured, acting Board Chairman Yevhen Kravtsov has said.

"The completion of restructuring is planned for the coming month. There are many questions about internal debt rescheduling. We've managed to effectively renegotiate foreign debts. We've finished it at the most acceptable conditions compared to other state-run enterprises. Now we need to complete internal debt restructuring. Around 40% of the sum is left," he told.

Read also: Fitch withdrew Ukrzaliznytsia's ratings

Kravtsov added that a delay with internal debt rescheduling is also linked to the transfer to the form of a joint-stock company. The company has to repeatedly receive permits from authorized agencies.

Ukrzaliznytsia CFO Oleksandr Buzhor said that the company seeks to cut the currency share of total debt.

"We plan to reduce it or if the hryvnia exchange rate is stable, switch to the more flexible use of resources, for example, overdrafts in the national currency and multi-currency renewable lines," he said.
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