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A general meeting of creditors of Ukreximbank scheduled for July 7 is expected to announce a decision to restructure $1.5 billion worth of the bank’s debts.
State-owned Ukreximbank has been negotiating with the special committee of its creditors for conversion of bank’s eurobonds maturing in 2015, 2016 and 2018, totaling about $1.5 billion.
Earlier, on May 26, Ukreximbank reported that creditors had agreed to restructuring 30% of its Eurobonds maturing in 2015, 2016 and 2018.
According to updated information published on the bank's Web site, the deadline for a vote of all bondholders has been set by July 3, to be followed by a general meeting of creditors on 7 July, at which they will announce their decision.
The latest date for a vote (if necessary) is July 17, and a meeting of creditors - July 21.
Upon announcement of creditors’ decision, the bank is to ensure as soon as possible the finalization of amendments to the loan agreements, which will come into effect after their registration with the National Bank of Ukraine.
The date of the new bonds’ issue after determining the terms of the restructuring will be set later by the bank, and this date may not be earlier than the date of the relevant registration by the NBU.
The bank also reported that the meeting would be considered legitimate provided there was a quorum - meaning attendance by representatives or owners of not less than two-thirds of the principal amount of the outstanding debt.
As UNIAN reported earlier, the special committee representing 30% holders of Ukreximbank eurobonds has supported their restructuring by extending maturities.