The city of Kyiv may resume talks with the Ad Hoc Creditors' Committee on the restructuring of $550 million in eurobonds, according to David Gadmer, Director at Lazard company, advising on the restructuring.
“As you may have seen, there was an initial process formed with the creditors’ committee and unfortunately the city of Kyiv and the creditors committee were not able to agree on a common position. <…> As early as yesterday [November 30] there was another statement from allegedly someone who is close to the creditors’ committee, saying that the committee now was accessing, gauging the offer made to all creditors and will take it back in consideration and make a decision. On our side, we see that as a positive move,” Gadmer said during a webinar on the debt operation in London on Dec. 1.
As was reported earlier, the ad hoc committee of the holders of Kyiv eurobonds declined the debt swap terms, envisaging the exchange of the eurobonds for sovereign debts with the postponement of the maturity by four years, a decline in an interest rate to 7.75 percent per annum, and the replacement of 25 percent of principal debt with Ukraine’s state derivatives.
