Naftogaz promises to resolve coupon payment soon

State monopoly Naftogaz of Ukraine (NAFTO) will be able to pay on time a USD 76 mln coupon on its Eurobond, said Halyna Pakhachuk, a MinFin official, Korrespondent.net reported on October 8. News spread in recent days that Naftogaz bondholders were not able to receive their coupons that the company reported to have paid on September 30. The coupon payment was blocked by Bank of New York, which froze USD 22 mln out of USD 76 mln that Naftogaz intended to use for coupon payment to bondholders. The bank executed the court ruling that in this way forced Naftogaz to repay its debt to U.S.-based Merchant International Company, Forbes.ua reported. The litigation lasted more than 15 years, according to Forbes. Naftogaz will transfer an additional USD 22 mln to Bank of New York to unblock the coupon payment, Pakhachuk said.