Ukraine agrees upon debt restructuring terms with Sberbank
14 January 2016
Ukraine’s Finance Ministry reported on Jan. 13 it “has agreed in principle” to restructuring the state-guaranteed loans of the Ukravtodor state road-operating enterprise and the aerospace firm Pivdenne Design Bureau with Sberbank of Russia. No parameters of the debt restructuring and no size of the companies’ debt to Sberbank were disclosed. MinFin only reported that the parties agreed to complete the restructuring as soon as possible.
The guaranteed debts of Ukravtodor and Pivdenne, as well as another state holding Ukrmedpostach, were included in the perimeter of Ukraine’s USD 23 bln debt operation agreed upon by the IMF in March 2015. The total value of such guaranteed outstanding debt was not disclosed, though we estimate it at about USD 1.5 bln.
