An initiative group of the holders of NJSC Naftogaz's eurobonds worth about $100 million, or 20% of the overall amount of the bond issue, disagree with the possible restructuring of the debt on the securities, Associate of Luxemburg-based Aequi-Libria consultancy firm Carl Philipp R. Thomas told Interfax-Ukraine.
“The holders of the eurobonds worth about $100 million have supported the initiative in opposing the restructuring of the eurobonds,” said the lawyer who represents the interests of Belizean-based Corlblow, which put forth this initiative after the Ukrainian government announced plans to restructure Naftogaz’s eurobond-linked debt.
The initiative group seeks for the support of the holders of 25% of Naftogaz’s bond issue in order to ensure the right to veto the decision on the restructuring.
In this case, according to the lawyer, Naftogaz has two options: either to pay $500 million on bonds by the deadline set for September 30, 2009, or announce a default and get prepared for litigation.
