Ukraine's government has agreed to a proposal by the Finance Ministry and the national joint-stock company Naftogaz Ukrainy on restructuring the company's foreign debt.
A Cabinet of Ministers’ resolution approving the
proposals dated September 16 was published in the government’s
newspaper Uriadovy Kurier on September 22.
At the same time, the publication doesn’t disclose the terms of the debt restructuring.
According to the publication, talks with creditors are to be completed by October 20.
“The national joint-stock company, together with the
Finance Ministry, are to agree by October 20, 2009, the terms for
restructuring a $500 million loan participation note issue, which
matures on September 30, 2009, as well as the bilateral loan
obligations of the company, and to take steps to guarantee the
company’s compliance with these terms,” the document reads.
