Ukraine Crosses First Debt Hurdle With Bank Note Extension
A Trader Holds Bundles of Hryvnia Banknotes
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Ukraine crossed the first hurdle on the road to a $23 billion debt restructuring as the nation’s third-largest bank got bondholder approval to extend the maturity of one of its Eurobonds by three months.
The State Export-Import Bank of Ukraine received votes from an “overwhelming majority” of bondholders present at the meeting on Monday to push back the redemption date on $750 million of notes to July 27, the bank said on its website. The bonds rose 0.51 cent to 75.01 cents on the dollar at 4:35 p.m. in Kiev.