Creditors for Naftogaz of Ukraine’s Kondor submit restructuring plan

Chicago, Feb. 13 – A creditor group for NJSC Naftogaz of Ukraine and subsidiary Kondor Finance plc has presented what it deems a good-faith proposal to Naftogaz for a restructuring of certain debt issues after discussions were started by the company aimed at reaching a consensual debt restructuring for notes issued by Kondor, according to a press release.

The company has been working with noteholders of its:

• $335 million 7 3/8% loan participation notes due 2022 (ISIN: XS2027393938);

• €600 million 7 1/8% loan participation notes due 2024 (ISIN: XS2027394233); and

• $500 million 7 5/8% loan participation notes due 2026 (ISINs: XS2077601610, US50050MAB19).

This proposal, the group asserts, took into full consideration what the group understands to be the financial condition of the company as well as legitimate concerns regarding its need to fully support Ukraine's economy and its critical infrastructure at a time of exceptional national emergency caused by Russia's war of aggression.

The press release said the group remains fully prepared to re-engage with the company as and when the company is in a position to substantively respond to the group's proposal.

Holders of the notes are invited to contact Solomon J. Noh (sjnoh@cgsh.com), Alastair Goldrein (agoldrein@cgsh.com) or Jonathan Griggs (jgriggs@cgsh.com) of Cleary Gottlieb Steen & Hamilton LLP for further information.

Dechert LLP was initially advising the noteholders.

Naftogaz, an oil and gas company, is based in Kiev. Kondor Finance is based in the United Kingdom.

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