Plan to restructure Naftogaz defaulted eurobonds faces opposition from group of creditors
A group of holders of NJSC Naftogaz Ukrainy's 2022 and 2026 eurobonds, whose support is seen as necessary to approve their restructuring, object to the company's proposed restructuring plan, Bloomberg reported.
"A group of creditors advised by Cleary Gottlieb Steen & Hamilton LLP disagrees with Naftogaz's restructuring proposal because it believes the company is able to make the payments," writes the agency, citing a source.
The group has enough influence to prevent Naftogaz from getting the backing of the 75% of creditors it needs to approve the restructuring, the person said.
The group of creditors had presented its own "good-faith" plan that takes into consideration Naftogaz's financial condition "as well as legitimate concerns regarding its need to fully support Ukraine's economy and its critical infrastructure," according to an emailed statement sent by the law firm on Monday.
At the same time, creditors have not begun the process of accelerating payments or seizing assets, the material notes.
Naftogaz and its adviser Lazard Frères SAS declined to comment.
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