10:42 29.11.2017

Ukrzaliznytsia reduces total debt by 8.7% in Jan-Sept

Ukrzaliznytsia reduces total debt by 8.7% in Jan-Sept

Public joint-stock company Ukrzaliznytsia reduced total debt by 8.7% in January-September 2017, according to the company's presentation posted on its website.

Ukrzaliznytsia also said that a moratorium to pay debts to creditors applied to the debt of Donetsk Railways branch. The debt to one financial institution has not yet been settled.

The company has an opened credit line for UAH 4 billion and continues actively cooperating with international financial institutions (IFIs).

As reported, Ukrzaliznytsia announced the convocation of a meeting of holders of $500 million notes due in 2021 for the approval of the annulment of the cross default condition due to restructuring of some internal debt.

The amendments concern liabilities of regional branches to the parent structure.

According to Ukrzaliznytsia, some obligations for a total of about $311 million are currently being serviced, but by the end of the year, it may be necessary to amend the terms of their repayment. This is the debt of the Lviv Railways for $58.803 million and $5.004 million, Odesa Railways for $67.809 million and UAH 26.514 million, Prydniprovska Railways for $66.596 million, Pivdenno-Zakhidna Railways for $57.754 million, $5.004 million and UAH 68.278 million and Pivdenna Railways for $36.762 million, $5 million and UAH 80.6 million.

In addition, at present, the obligations of the Pivdenno-Zakhidna Railways are not restructured for the amount of $87.25 million and Pivdenna Railways for $66 million. Ukrzaliznytsia states that there is no sufficient time for compliance with the standard operating procedures.

Ukrzaliznytsia intends to pay $4 for every $1,000 of notes to the note holders who will give their consent to the relaxing terms of the securities.

The required quorum is two or more persons owning a total of two thirds of the securities. In turn, for the amendments to take effect, they must be approved by at least three-fourths of the voters.

Amendments to the terms of the securities are also to be approved by the National Bank of Ukraine (NBU).

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