West does not want to freeze payments on Naftogaz debt

Naftogaz Ukrainy’s creditors were urged to refuse to freeze the state-owned company’s debt payments for two years, Reuters reports .

According to the report, Naftogaz complained about the lack of funds to fulfill obligations, since due to the Russian special operation, the company’s customers cannot pay bills. The request took many creditors by surprise. However, experts from the Dechert law firm specially hired by the lenders questioned such claims. In their opinion, a profitable operating company could not lose cash so quickly.

„The advice is to vote against,” summed up one of the investors.

Now Naftogaz is being asked to make full payments of $335 million on one of the bonds maturing next week, as well as additional „coupon” interest on another paper that is valid until 2024.

Advisers at Dechert also said that bondholders are not currently considering debt rescheduling, but they may call for talks on the issue if the situation does not improve by the time the next big bond is redeemed.

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