The energy holding is suspending payments on euro bonds for half a year, Korresondent.net press-office reports.
DTEK, the businessman Rinat Akhmetov’s energy holding, claimed about the imposition of moratorium on payments on euro bonds for USD 910 million with repayment in 2018, as it is said in DTEK’s stock exchange notice, Interfax-Ukraine reports.
The company reportedly initiates the standstill agreement on temporary moratorium and discharge of liability until October 28 of this year.
“The purpose is to let the company create a stable platform for the period, during which it will reach out for having negotiations with its creditors and complete a full-scale restructuring of the capital structure”.
In the beginning of December 2015 DTEK announced to its euro bond holders that it plans to propose them to restructure these liabilities in the first quarter of 2016.
For simplifying the restructuring process the group urged the holders to conduct joint consultations in order to form the Committee of Creditors, which will appoint a financial adviser and, if necessary, make contact with DTEK’s financial adviser – Rothschild.
