Delay national joint-stock company (NAK) Naftogaz Ukraine time of publication audited consolidated accounts for the year 2008 may have indirectly indicate a default on obligations, said a partner of consulting firm Aequi-Libria (Luxembourg), Charles Philip Thomas.

We raised the question of why Naftogaz has not provided the provisions of the deadline (July 31, 2009) audited audited consolidated accounts up to 2008. In our opinion, the delay of one month can already speak of Defaulted, - he said Interfax-Ukraine .

As noted KF Thomas, it is critical to the bondholders of NAC, because they can not make an informed decision without reporting of Naftogaz as of December 31, 2008.

As reported, the Cabinet of Ministers № 764 dated July 22, 2009 Ministry of Finance and Naftogaz of Ukraine ordered to take action on the debt restructuring state holding on external borrowing and reduce the cost of care given to him by refinancing loans.

Acting Minister of Finance Igor Umansky said that Ukraine will form a negotiating position on the restructuring of external debt of Naftogaz to 24 August, but it has not yet announced.

According to him, the company still has some time to submit a proposal to restructure the external debt, without violating specified for this time. Acting Minister also admitted that negotiations will take place not only with the holders of Eurobonds for $ 500 million, maturing on September 30, but also to other external creditors, in particular, with Deutsche Bank.

According to the Interfax-Ukraine , we can talk about the debts of Naftogaz Depha Bank in the amount of $ 220 million, Credit Suisse International (CSI) - a $ 550 million, and Deutsche Bank - to $ 395.2 million with a maturity of accounts for 2009-2012. In view of the Eurobond and interest, total payments to him of about $ 1.78 billion, including this year - about $ 650 million in the next - about $ 570 million

According to the agency, last week held talks NAC and government representatives with representatives of Deutsche Bank and CSI.

At the same time, a group of holders of Eurobonds Naftogaz Ukraine for about $ 100 million, or 20% of the total production, is opposed to a possible restructuring of debt on them. According to its representative in the near future the group could increase to the owners of more than 25% of output, which would give it veto power over possible negotiations on restructuring.

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