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Concorde Capital Research: Ukrlandfarming initiates debt restructuring to Oschadbank

August 07, 2018 | Cbonds

Three companies related to Ukrlandfarming (ULF, ULRLAN) and Avangardco (AVINPU, AVGR LI), and their lender Oschadbank (OSCHAD), officially registered on Aug. 6 their intention to restructure debt under the mechanism of a law on financial restructuring, the Secretariat on Financial Restructuring reported the same day. The announcement does not contain any information on the size of the obligations of ULF or the possible parameters of the restructuring deal. Preliminary deal parameters may appear in one month, according to the comments of Ukrlandfarming top manager Ihor Petrashko to Interfax-Ukraine.

Alexander Paraschiy: This indicates ULF and Oschadbank have preliminary agreed to resolve their debt, whose par value we estimate at over USD 100 mln. Theoretically, other local lenders of Ukrlandfarming could join the deal, e.g. another state bank Ukreximbank (EXIMUK). As we highlighted in our July report on ULF, a haircut is unlikely as a part of the deal with state banks. The news is positive for Oschadbank and looks neutral for the bondholders of ULF and Avangardco, which have yet to agree to a bond restructuring. For ULF to sustain itself as a business, it’s important that the owner Oleg Bakhmatyuk reaches some restructuring deal with state entities (the National Bank of Ukraine and the State Deposit Guarantee Fund) whom he owes over USD 700 mln, we estimate.

Issue: Ukrlandfarming, 10.875% 26mar2018, USD

StatusDefaultCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redemption defaultYesUkraine03/26/2018500,000,000 USD-/NR/Withdrawn

Company: Ukrlandfarming

Full company nameUkrlandfarming Public Limited Company
Country of riskUkraine
Country of registrationCyprus


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