Industrial Union of Donbass (ISD), one of Ukraine largest steel groups, is in talks with creditors to restructure its debts.
ISD said in a statement that “ISD is holding successful talks with international banks and financial institutions regarding the restructuring of financial debt which is quite common for industrial companies during these hard times.”
ISD declined to provide any debt figures. According to bond market information company Cbonds.info, it has a $150 million Eurobond due in September.
According to Thomson Reuters Loan Pricing Corp data, ISD also has a $300 million, three year unsecured loan maturing later this year and a $350 million loan provided by the IFC and commercial banks that matures in 2013 and 2016.
Proceeds of the IFC deal were used to fund the modernization of the borrower’s two major steelworks, Alchevsk Iron and Steel Works and Dneprovsky Iron and Steel Works.
The company was among the world 30 biggest steel producers in 2008 with annual output of more than 10 million tons, but Ukraine steel industry, which generates most of the country export revenues, was hit hard by the global economic downturn. (Reuters)
Much more about metal of Ukraine, Russia and other CIS-countries at https://metalukraine.com/