Naftogaz offers a revised restructuring working scenario for consideration by holders of 2022 and 2026 notes

“Naftogaz of Ukraine” NJSC (Naftogaz of Ukraine) publishes a revised working scenario of resolving the continuing defaults under the loan participation notes due in 2022 and 2026 for the consideration of its holders. Oleksiy Chernyshov, CEO of the energy company, presented it at a call with Naftogaz creditors that took place on Friday, 10 March 2023.

Anthony Marino, Chairperson of the Supervisory Board of Naftogaz of Ukraine, and Yuriy Butsa, Ukraine Government Commissioner for Public Debt Management, were present at the online meeting. 

Oleksiy Chernyshov commented:

Renewing the trust of investors is a priority for Naftogaz. Therefore, we continue to seek a solution to restructuring the defaulted 2022 and 2026 bonds that will work both for Ukraine and for the holders. The working scenario that we are presenting today is based on our previous discussions with the creditors. At the same time, it takes into account our limited due to the war financial capabilities and governmental frames as to servicing Ukraine’s public debts – given that a half of Ukraine’s state budget is financed by our foreign partners”.

Naftogaz of Ukraine has prepared this working scenario after discussing with its creditors the previous working scenario published on 2 February 2023. As a next step, Naftogaz and advisors will reach out to holders to engage on the revised working scenario.

Additional information: 

Earlier, Naftogaz of Ukraine has held a series of consultations with holders of the company's Eurobonds aimed at developing a mutually acceptable solution to restructure Naftogaz's debt obligations ensuing from Eurobonds maturing in 2022 and 2026. 

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