The FINANCIAL — Acting Finance Minister Ihor Umanskyi is confident that at least 75% of creditors of the Naftohaz Ukrainy national oil and gas company will agree to the terms of the restructure of the debts of the Ukrainian national company.
Ihor Umanskyi gave his opinion to the press.
"I am sure that at least 75% of creditors will agree to the terms of the restructure," the acting finance minister said.
According to Ihor Umanskyi, only few creditors controlling 2% of the eurobonds of Naftohaz Ukrainy make attempts to hinder the restructure of Naftohaz Ukrainy's debts.
"There are relatively moderate investors who control, as far as I know, up to 2% [of the eurobonds of the national company] and make attempts to arrange a sort of a scandal on the matter. I don't think this value can have a decisive influence on the position of investors," Umanskyi said.
The acting minister voiced confidence that the national company will manage to find a mutually beneficial decision by September 30, 2009 [the date for redemption of the eurobonds issued in 2004 for USD 500 million]. He did not rule out that the negotiations could continue after September 30.
As Ukrainian News earlier reported, Deputy Fuel and Energy Minister Burzu Aliev has said the redemption of the eurobonds of Naftohaz Ukrainy for USD 500 million could be postponed from September 30 until a later date as a result of the negotiations with creditors.
The Cabinet of Ministers of Ukraine in its governmental resolution No.762 dated June 22, 2009, instructed the Finance Ministry to take measure on restructure of the debt of the national oil and gas company on foreign credits and to cut the cost of servicing of the debt through refinancing.
The International Monetary Fund welcomed the resolution of the Cabinet of Ministers.
In 2004, the Naftohaz Ukrainy national oil and gas company issued eurobonds for USD 500 million with maturity on September 30, 2009.
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