The process of Naftogaz investor consent solicitation to restructure Eurobonds due in July 2022 and in November 2026 has been completed, with the company’s proposal backed by more than 85% of the Eurobond holders.
Naftogaz is resolving its default on Eurobonds. A solid number of investors supported the proposals we had been working on together for more than six months. This restructuring will improve the liquidity position of our group of companies and bring our international cooperation to a new level,” commented Naftogaz CEO Oleksiy Chernyshov.
Chernyshov emphasized that this outcome had been a top priority since his first days as CEO. He offered special thanks to financial advisers Lazard, Freshfields and Aequo.
Full resolution of the default will take place in the near future, after all technical procedures and settlements are completed.
