OREANDA-NEWS. On 01 September 2009 was announced, that the acting Finance Minister I. Umanskiy announced that Naftogas has agreed on the restructuring of more than 70% of its Eurobonds, maturing on 30 September 2009. According to the acting Minister the share of bondholders refusing to restructure the Eurobonds is below the required level to block the restructuring process.

Millennium Capital sees the news to be mixed. On the one hand, Eurobonds restructuring will enable Naftogas to avoid the default. On the other hand, the security restructuring means the company technical default, which may as well deteriorate the rating of the sovereign Eurobonds.

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