Credit Suisse First Boston And Deutsche Bank Waive Claims For Ukrtelecom To Provide Early Debt Redemption Of USD 222.2 Million

International bank institutions Credit Suisse First Boston and Deutsche Bank have waived claims for Kyiv-based Ukrtelecom, the largest Ukrainian telecommunication company, to provide early redemption of debt of USD 222.22 million, chairman of the State Property Fund Oleksandr Riabchenko told the press.

At the same time, Riabchenko added that claims of creditors were rather related to improvement of credit conditions than to obtain early redemption of the loan.

Riabchenko also said that the amount of loan attracted in 2005 was USD 500 million, of which USD 222.222 million remain not repaid.

As Ukrainian News earlier reported, in late 2010, the creditors demanded early redemption of USD 222.22 million expecting for reshuffling of Ukrtelecom’s owner.

Ukrtelecom has held talks with creditors and the latter mitigated terms of the credit.

The State Property Fund is forecasting that an agreement on sale of 92.79% of the shares in the Ukrtelecom telecommunications company to the ESU company (Kyiv), which is a subsidiary of the EPIC investment and financial consortium (Austria) will be concluded by February 25 (inclusive).

Leave a Reply

Your email address will not be published. Required fields are marked *