Ukrainian energy conglomerate DTEK, controlled by billionaire Rinat Akhmetov, has agreed with bondholders a standstill scheme until late October that will allow a long-term debt restructuring, the company said in a report published through the Irish Stock Exchange on April 25.
The holders of $910mn notes maturing in 2018 agreed to impose a temporary moratorium on securities until October 28. The proposal was approved by 95.6% of participants who hold 98.8% of the Eurobonds registered in the meeting.
DTEK proposes paying 10% of its accrued coupons on Eurobonds per month during the standstill period starting May 31. Unpaid coupons will be capitalised, but will not bear interest. DTEK may repay more overdue interest to bondholders and debtors if its end-month cash balance exceeds $110mn, the Concorde Capital brokerage in Kyiv wrote in a note on April 11.
The move will allow DTEK to secure the long-term debt restructuring it has already provided to banking creditors and representatives of an ad hoc bondholder committee. Earlier, the holding missed two coupon payments on its Eurobonds worth about $37.8mn.
Kosovo’s economic growth is expected to reach 4.1% in 2017, among the highest in the region, which will be driven by high investment and exports, the International Monetary Fund (IMF) said on ... more
Kazakhstan’s Bank of Astana (Astana Banki) plans to conduct a secondary offering of shares (SPO) on the Moscow Stock Exchange, RNS news agency reported last week. Bidding will begin on December 14. ... more
Mongolia has been listed on the European Union’s first ever tax haven blacklist among 17 countries including South Korea, Namibia, Panama, Trinidad & Tobago, Bahrain and ... more