REUTERS
The settlement of Ukraine's debt restructuring, including delivery of new Ukrainian sovereign securities to holders entitled thereto, is expected to occur on November 12, 2015, according to the statement of the Ministry of Finance of Ukraine.
The terms of the restructuring were approved by 13 series of outstanding sovereign and sovereign guaranteed bonds at bondholders meetings held on October 14, 2015, according to the report.
The only series of Ukrainian bonds which did not approve the terms of the restructuring, and whose holders will accordingly be ineligible to receive new sovereign securities on the settlement date, is the December 2015 $3 billion bond,the statement says.
Read alsoPutin tests English Debt Law as Ukraine feud heads to LondonSettlement of the exchange offer will result in the restructuring of $15 billion of Ukraine's external debt, achieve a 20% debt reduction for Ukraine ($3 billion) and allow Ukraine to avoid paying any of the previously scheduled $8.5 billion of principal falling due under such bonds during the next four years.
This success represents the outcome of seven months of intensive work of all Ukrainian authorities, coordinated by the Ministry of Finance, to convince Ukraine's bondholders of the necessity of a debt restructuring.