Ukraine
plans to tell bond holders of state-run Ukreximbank on Friday that the bank
will announce it will default on its eurobonds unless the creditors agree to
reschedule repayments on these bonds, the Financial Times had reported.
Ukraine's Finance Minister Natalie Jaresko, who is
currently attending a International Monetary Fund meeting in Washington, will
probably announce that a three-month extension on debt issued by Ukreximbank is
crucial to the success of the country's sovereign-debt restructuring, FT said.
A small group of investors, who have demanded the full
and timely repayment of the bonds, complicate Ukreximbank's negotiations with
its creditors for the prolongation of the terms of the bonds maturity. Earlier
in April, the bank failed to receive the consent of the majority of its
creditors to reschedule the payment. The last attempt to reach the agreement
will be made on April 27, which is the maturity date for Ukreximbank's
eurobonds issued to the tune of $750 million.
Ukraine has until June to reach a general agreement on
the debt restructuring with the holders of its eurobonds, including those
issued by Kyiv and a number of state-owned banks and companies, which is a
condition for receiving the next tranche from the International Monetary Fund.
However, full-fledged negotiations between Ukraine and its creditors have not
started yet.
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