Russian oil and gas giant Gazprom is raising a US$350m one-year revolving credit facility that will refinance existing debt for its UK and Singapore subsidiaries. Although Gazprom is not subject to international sanctions, the deal is receiving mixed responses from lenders who remain concerned
Ukraine could still reach agreement with its creditors on restructuring US$23bn of debt over the next month, despite Kiev’s parliament passing a law that would sanction a default. Indeed, sources close to the negotiations say last Tuesday’s move could even speed up discussions.
As Ukraine gears up for what are expected to be protracted talks around the restructuring of its sovereign debt, the country’s corporate borrowers are also struggling to find the right processes with which to bind banks and bondholders to debt restructuring agreements.