"Ukrzaliznytsya" announced a technical default

The State Administration of Railway Transport of Ukraine ("Ukrzaliznytsya") has informed the creditors about the occurrence of technical default of the company.

This at a briefing in Kiev said the acting head of "Ukrzaliznytsia" Maxim Blank.

"Today we reported our creditors of the occurrence of a technical default on certain debt obligations" Ukrzaliznytsia "and the beginning of the negotiation process on domestic debt, as well as reported to internal and external creditors on directions and volumes of restructuring that" Ukrzaliznytsya "plans to hold in 2015" - he said Blank.

According to Blank, "Ukrzaliznytsya" intends to restructure the internal and external debt in the amount of about 32 billion USD in the next two months.

"The total amount of debt restructuring - about 32 billion UAH. ... We expect that most of the talks will be held in the next two months," - he said.

Thus, under the restructuring debts are not subject to the European Bank for Reconstruction and Development and the Export-Import Bank of Korea.


"Under the restructuring of the debts are not subject to official creditors, in particular, the European Bank for Reconstruction and Development and official bilateral loans to the Export-Import Bank of Korea," - Blank said.

As UNIAN reported earlier, in early May, the international rating agency Standard & Poor's Ratings Services lowered the long-term credit rating of "Ukrzaliznytsia" to the sovereign level "SS" on the background of negotiations on the restructuring of bonds "Ukrzaliznytsia". The rating outlook - negative.

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