Nadra Bank proposes new restructuring terms

Nadra Bank (NADR) offered creditors three variants for restructuring its external debt: a 20% principal payback outright, or 50% repayment of principal over seven years, or partial conversion of debt into subordinated debt, according to local news reports. Nadra expects to sign agreements with creditors by November 2 and complete the restructuring process by January 2010. The restructuring of Nadra’s foreign debt is one of the major obstacles preventing the government from offering it recapitalization support. As of July 1, Nadra Bank was Ukraine’s #11 largest lender by assets, based on NBU statistics.