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Hedge Funds in Ukraine Are Drawing a Line In State Rail Bond Restructuring

Hedge Funds in Ukraine Are Drawing a Line In State Rail Bond Restructuring

Bloomberg15-07-2025
Credit investors have largely supported debt restructurings in Ukraine since Russia's invasion. But some holders of Ukrainian Railways' bonds are reluctant to engage in new debt talks until the government allows it to raise freight charges.
Welcome to The Brink. I'm Edward Clark, a reporter in London, where I looked at a brewing standoff between Ukraine's government and hedge funds holding bonds in the state rail operator. We also have news on LifeScan, which is getting close to handing control to second-lien creditors, and a look at a shift in strategy for special situation funds. Follow this link to subscribe. Send us feedback and tips at debtnews@bloomberg.net.
Hedge funds that hold bonds in Ukrainian Railways are drawing a line in debt talks that would mark a second restructuring since Russia's invasion.
Credit investors have given the green light to Ukraine's $20 billion debt revamp — and those of government-owned companies like Naftogaz and road operator Ukravtodor — since the February 2022 invasion. Privately-owned firms like DTEK Renewables have also been able to get extensions.
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