Ukraine reaches preliminary deal with bondholder group on $20-billion debt restructure
LONDON -Ukraine said on Monday it had reached an agreement in principle with a group of creditors to restructure $20 billion of international bonds, bringing the war-torn country closer to an unprecedented debt rework.
Ukraine's finances are precarious as its 28-month war with Russia drags on. Russia's 2022 invasion decimated its economy, leaving it heavily reliant on money – and military aid – from international partners. A spokesperson for the Paris Club of creditor nations, which usually handles communications for the GCU, confirmed the group was comfortable with the proposal.
The Ad Hoc Creditor Committee, which holds 22% of the country's sovereign bonds, called the agreement"swift and constructive". Ukraine's $2.6 billion GDP warrants - fixed-income instruments with payouts linked to the strength of economic growth - were not part of the restructuring, though the government said it would"ensure the fair and equitable treatment of holders of the Warrants".
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