Ukraine's creditors call restructuring deal unfair, ask for renegotiation, - Bloomberg

Owners of Ukrainian bonds due in 2015 have requested renegotiation of the restructuring deal of the Ukrainian debt.

This is reported by Bloomberg, Censor.NET informs.

The medium noted that a group of bondholders owning the nation's shortest-dated international debt said on Tuesday that the agreement is biased against them because their payments are delayed for more years than everyone else. While they may not yet have enough support to block a deal, a letter issued by their solicitors asked for other owners of the securities to join them.

Read more: Minister Jaresko sees deal with creditors as Ukraine's historical victory

The emergence of the possible holdouts is the first threat to a deal announced on Aug. 27 by Ukraine and a Franklin Templeton-led creditor committee that owns about half of the nation's outstanding Eurobonds following five months of negotiations. While Russia has said it won't take part in the restructuring, its objections aren't expected to derail the whole agreement because it's the sole owner of a $3 billion note.

While the current deal gives holders a share in nine notes maturing from 2019 to 2027, the group, represented by law firm Shearman & Sterling LLP, is seeking to change the allocation of the new securities so that its payments are delayed for approximately four years, according to a letter to bondholders sent by e-mail. Shearman & Sterling didn't name any members of the group or say how many bonds its members own.

"It has been suggested that all bondholders should get identical packages of the new bonds," the law firm says. "Our clients consider this approach unfair, because it would defer the average maturity by more than eight years for the existing bonds due 2015."

Источник: https://en.censor.net.ua/n351239