Ukrzaliznytsia asks eurobond holders for leniency till late 2017

Ukrzaliznytsia asks eurobond holders for leniency till late 2017Ukrzaliznytsia has appealed to the holders of its eurobonds worth $500 million with the request to extend until the end of 2017 exemption from cross-default conditions on certain domestic debts, including that of Donetsk Railways.

According to a company report on the London Stock Exchange, those who agree to this leniency will receive $5 for every $1,000 of eurobonds par value.

Read also: Ukraine's PM approves state railway company's development plan for 2017

A meeting of Eurobond holders is scheduled for December 7.

As reported, Ukrzaliznytsia on May 12, 2015 declared violation of obligations on the payment of principal on some internal bilateral loan agreements, cross-default on eurobonds and the plan to restructure debts to private creditors for a total of UAH 32 billion with the total debt being UAH 37.5 billion, including UAH 22 billion of internal debt.

Read also: Production of railway waggons for Ukrzaliznytsia could create up to 50,000 jobs in Ukraine - PM

It was initially planned to restructure the domestic debt by the end of 2015. Regarding the domestic debt, the holders of Ukrzaliznytsia eurobonds in the amount of $500 million on February 17, 2016, approved the restructuring of the securities.
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