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Nadra Bank completes restructuring foreign debt

Nadra Bank completes restructuring foreign debt

10 August 2010

Ukraine’s Nadra Bank finished restructuring its foreign debt, Bloomberg reported this morning. The bank had USD 877 mln due in international obligations, including Eurobonds, which required renegotiation prior to the lender receiving recapitalization support from the government. Nadra did not disclose terms of the restructuring agreements. In the spring, local media reported that the government was ready to purchase 50%+1 of the bank and a private investor was interested in the remainder, but a deal never materialized. Bloomberg said Ukraine plans to completely recapitalize Nadra by year-end. Nadra was taken into temporary administration by the National Bank of Ukraine in February 2009. Mykyta Mykhaylychenko: According to Ukraine’s memorandum with the IMF, the government is required to resolve the situation with Nadra by year-end, and we estimate the chances of the bank being recapitalized by the state and a private investor as relatively high now.

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