Campaign restructuring of external loans , open in the spring of Ukrainian
financial institutions, last week was crowned scandal . one of the
Foreign creditors of the bank , " Finance and Credit" - American Cargill Financial
Services - has blocked its accounts in four U.S. banks . And now the experts
sure: not only him but also some of our other banks, which are now trying to
agree to restructure loans, still have to find funds
to repay foreign debts.
Dispute between the bank, "Finance and Credit" and the company Cargill Financial
Services become debt financial institutions in trade finance for
$ 44, 4 million, which was allocated by the Americans to customers of the bank in Kiev.
Back in March 2009, "Finance and Credit" has started to negotiate with partners
to revise the schedule of payments on their loans. "We have initiated talks
for all of our debts: the syndicated loan (Raiffeisen
Zentralbank, Standard Bank, VTB, etc.), invited in 2008 -
where the balance of the debt was $ 66, 5 million, and trade finance
with the company Cargill. However, the latter refused to talk about restructuring, "
- Said "DC" Head of Public Relations of the Bank "Finance
and Credit "Natalia Napadovskaya. After the Americans moved into the hall debate
court. They sued in state court in New York and then in the Court of Appeal
the same state, but in both cases, the lost processes. In the claims contained
one requirement - to block accounts of four U.S. institutions
until full repayment of its debts to Cargill Financial Ser-vices.
Because of the increased interest and court costs rose from $ 44, 4 million
up to $ 48, 9 million has learned "DS" in the near future trial
Continue: Court of Appeal returned the lawsuit to the court of first instance, the requirement
it remained the same. The main argument of Cargill Financial Services: OAO
"Finances and Credit" was to repay debt on trading
funding, but it did not. The Ukrainian bank, which recognizes
duty, explains his refusal to meet only one thing: he intends to propose
The same conditions of debt restructuring all of its foreign
lenders on all loans. "Negotiations are under way today with 21 of our lender
and we do not go to create a preference for someone of one "- said the" DS "
Ms. Napadovskaya. Despite the fact that the claims of U.S. creditors
were not satisfied with any court, according to the
U.S. laws, bills of, claimed by Cargill, have been temporarily blocked:
at American Express Bank, Citibank, The Bank of New York Mellon and Deutsche
Bank Trust Company. "Indeed, under U.S. law bills have been blocked
A month ago, "- confirmed" DS "Natalia Napadovskaya. Interviewees
"DS" financiers are skeptical that the bank of Kiev in a protracted legal vvyazhetsya
process. They believe that if the lock accounts at U.S. banks will be delayed
more than two or three months, then try to resolve the dispute of the world as it is
recently made FUIB. Recall that he also had arrears
to Cargill ($ 10 million), which at first tried to restructure, but
After litigation in the United States July 3 signed a settlement agreement with the U.S.
company, which undertook to pay off their debts. Following in the footsteps of Donetsk
Kiev and financiers can go more than a dozen Ukrainian banks. "In addition
seven financial institutions that are imposed on nationalization, another order of ten
banks have debt to Cargill. As a rule, debt trading
funding for agricultural programs, "- said the source of" DS "on the board
National Bank. As the "DS", only Cargill Financial Services has invested
in the financing of Ukrainian projects about 1 billion USD. Today, our
Bankers fear only one thing: that line of conduct Cargill did not become fashionable.
"The main thing is that other creditors during negotiations over restructuring
external loans and the financial institutions have not taken a hard line and have not started
to insist on repayment of debts in full without any delay.
Now negotiations tend to occur through two schemes: if foreigners
see that the Ukrainian bank stands firm on his feet and has no serious problems
with liquidity, they are considering options for restructuring. When the front
their problematic financial institution, they insist on full repayment of debt, "
- Said in an interview with "DC" Chairman of the Board of OTP Bank Dmitry Zinck.
Experts believe that domestic financial institutions to continue active negotiations
with foreign creditors. "If we talk about loans issued by unrelated
structures, there is a negotiation process with 80% of the total portfolio. I think
before the end of 2009 our banks will be able to restructure, at least
50% of its foreign debt, "- said" DC "Head of the Analysis
financial markets JSB "ING Bank Ukraine" Alexander Pecheritsyn. "In the first quarter
2009 financial institution has managed to reduce the external debt to
$ 2, 7 billion, probably about half that amount was restructured.
Until the end of the year they can expect repayment in another $ 6, 6 billion, the payment schedules for which there
I think, will also be reviewed "- it added a senior analyst with investment
Phoenix Capital of Mary Mayboroda. Peak payments on foreign loans
will be in October-November.