Ukraine, GDP-Warrant Holder Committee halt talks following deadlock in restructuring discussions
From October 16 to November 5, Ukrainian representatives held a series of limited negotiations with a special committee consisting of institutional holders of GDP warrants, during which the parties exchanged proposals on their restructuring twice without any results.
"The parties mutually agreed to discontinue the limited negotiations without reaching a final agreement on the terms of a potential restructuring of the warrants," the Ministry of Finance said in a statement on Thursday.
It emphasized that Ukraine intends to continue its engagement with warrant holders and consider all available restructuring options that meet three previously stated objectives: restoring debt sustainability in line with the IMF program; fulfilling the commitments made during the August 2024 eurobond restructuring regarding fair burden-sharing among all commercial claims within the restructuring; and the government’s moratorium approved on August 27, 2024, on payments under the warrants from May 31, 2025, until the restructuring is completed.
According to the statement, Ukraine was advised in the negotiations by legal and financial advisors White & Case LLP and Rothschild & Co, while the Special Committee was advised by Cleary Gottlieb Steen & Hamilton LLP and PJT Partners (UK) Ltd, respectively.
