NJSC Naftogaz Ukrainy on Friday received investor consent to restructure of its note maturing in July 2022 and November 2026, the company said on the Irish Stock Exchange.

According to it, in the case of Notes 2022, the quorum at the meeting was 87.72%, 100% are the supporting votes, Notes 2026 – 91.33% and 99.72%, respectively.

Thus, the extraordinary resolutions for Notes 2022 and Notes 2026 have been passed. The issuer and borrower will now move forward with the implementation of the proposals, the company said.

The issuer, at the request of the borrower, will publish an additional announcement after the transaction.

"I would like to thank all Naftogaz noteholders who supported our efforts in resolving the problem of default on them. This will allow the company to normalize the situation on the capital markets and work more closely, in particular, with international financial institutions that could not provide support before the adoption such a decision," CEO of NJSC Naftogaz Oleksiy Chernyshov is quoted in the report.

At the same time, he said that Naftogaz remains committed to servicing its debt and fulfilling its obligations, including on corporate governance reform, as well as investment plans, despite extremely difficult circumstances.

As reported, at the end of May 2023, Naftogaz Ukrainy announced agreements with investors to restructure two default note issues by the end of July: for $375 million maturing in July 2022 and $500 million maturing in November 2026, agreeing to some improvement in conditions for holders of these securities compared to the March 10 offer.