Our Allies Are Bankrupt

Financial Post/Reuters: Ukraine default fears grow as Naftogaz asks for debt freeze

LONDON — Ukraine’s state-owned gas company Naftogaz has asked its international creditors to defer payments on its debt for two years, fanning expectations that the government may soon do the same.

Naftogaz which has a $335 million bond maturing as well as two interest payments due on July 19, said Russia’s invasion had left it short of cash as many of its customers were now unable to pay their bills.

In its request for the payment freeze, Naftogaz said the five-month old war had resulted in a “significant economic and business decline in Ukraine” and that the missed bill payments had “negatively affected its liquidity position.”

Read more ....

Update: Naftogaz facing technical default (Ukrainian News)

WNU Editor: It is not only Ukraine. The German utility giant Uniper is now saying that it is at risk of insolvency within days!!!!! .... Uniper Starts Using Winter Gas With Urgent Bailout Needed (Bloomberg)

Hat tip Small Dead animals.

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