DTEK, creditor banks agree on payment moratorium until Jan 28, 2017

12:57, 04.10.2016 1 min read

Ukraine's largest private energy holding DTEK has signed an agreement with creditor banks on a standstill on payments of liabilities, according to a press release from the holding.

The treaty, in particular, provides for the automatic extension of liabilities to the banks until January 28, 2017.

Under the standstill terms, for the period of negotiations between the holding company and the creditor banks the action of the original conditions on payment obligations is suspended without financial penalties. Instead, the banks by the end of the negotiation process will be paid on a monthly basis 10% of the accrued interest.

In addition, after the signing of the agreement the holding will pay to the banks 10% of the originally accrued interest, as well as make a one-time payment of fee equivalent to 0.25% of the bank loan portfolio.

DTEK expects that the agreement on the terms of long-term debt restructuring will be signed by the end of this year.