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Ukraine's State-Owned Natural Gas Giant Naftogaz Defaults On Bond Payments

Financial concerns: Naftogaz has warned it may be unable to arrange loans that are required to buy natural gas for underground storage ahead of winter Photo: REUTERS/SCANPIX  

Euractiv/Reuters: Ukraine's Naftogaz stumbles into default amid new debt overhaul push 

Ukraine’s Naftogaz has become the first Ukrainian government entity to default since the start of the Russian invasion, after the state energy firm said it would not make payments on international bonds before the Tuesday (26 July) expiry of a grace period. 

The default may accelerate repayments on the two other Naftogaz bonds, but does not trigger a sovereign cross-default. 

The energy company said in a statement that it had failed to get creditors’ support on a proposal to freeze payments on some of its bonds for two years, which it launched on 12 July saying Russia’s invasion meant many of its customers were now unable to pay their bills. 

Read more ....  

Update: Naftogaz of Ukraine announces default on Eurobonds (Ukrinform)  

WNU Editor: Can's say that I am surprised. The entire country is broke. 

Update #2: Ukraine' Naftogaz wants to suspend all payments for two years .... Ukraine’s Naftogaz to Offer New Debt Plan After Missed Payment (Bloomberg). In the meantime the Ukraine government has formally taken control of Naftogaz .... Ukraine government firms up control over Naftogaz after Eurobond default (Upstream).  

Update #3: This money is never going to be paid back .... Ukraine expects to get up to $20B in loan from IMF, says NBU governor (Ukrinform).



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