Connect with us

Technology

NOTEHOLDER UPDATE IN RELATION TO UKRENERGO

Published

5 hours ago

on

US$825,000,000 6.875% GUARANTEED SUSTAINABILITY-LINKED GREEN NOTES DUE 2026 (THE “NOTES”)

ISSUED BY PRIVATE JOINT STOCK COMPANY “NATIONAL POWER COMPANY “UKRENERGO”” (THE “COMPANY”)

LONDON, Nov. 8, 2024 /PRNewswire/ — Cleary Gottlieb Steen & Hamilton LLP are working with a group of significant holders of the Notes (the “Ad Hoc Group” or “AHG”).

The circumstances of the Company’s announcement on 6 November 2024 (the “Announcement”) that it will suspend payments under the Notes including the scheduled interest payment due on 9 November 2024 give rise to a number of concerns.

First, notwithstanding the clearly stated intent of the Government of Ukraine (“GoU”) (which acts as guarantor under the Notes) to engage in discussions with holders of the Notes upon the conclusion of Ukraine’s sovereign debt restructuring in August, no such discussions ever took place.  Whilst the Ad Hoc Group clearly communicated to the GoU and the Company its readiness to engage, neither the GoU nor the Company at any point demonstrated actual preparedness to enter into a non-disclosure agreement or conduct discussions with the AHG.

Second, the corporate governance issues surrounding the Company, which have been noted with concern by many of Ukraine’s stakeholders and foreign partners, appear to continue unabated. The Announcement attributed the suspension of payments on the Notes to a decision of the Ministry of Energy of Ukraine.  Proper adherence to corporate governance would dictate that any such decision should have been taken only by the Company’s management and supervisory boards. The AHG notes recent commentary by market participants suggesting Noteholders might be requested to consent to a removal of the GoU guarantee on the Notes as part of a future restructuring.  Without pre-judging the substance or nature of proposal which may be made by the Company, the continued exercise of corporate governance functions by the GoU underscores the responsibility of the GoU for the Company’s treatment of its Noteholders.

Third, holders of the Notes already made substantial concessions in the 2022 debt deferral. Since that deferral the Company has made no payments on the Notes, which the Company itself acknowledges in the Announcement has contributed meaningfully to its financial resilience for the past two years. During this same period, the Company has continued to promptly service its other commercial indebtedness (including interest and principal payments of $221 million and $156 million, respectively).  In this context, the announced suspension of payments under the Notes (including the scheduled $28 million semi-annual coupon coming due on 9 November 2024) appears particularly regrettable. It should be noted that the Notes rank pari passu with, and are not subordinated to, the other debts the Company has continued to service.

Whilst the AHG welcomes the Company’s intention to engage with it in the near future, the AHG does not consider the suspension of payments under the Notes without any prior engagement with Noteholders to be conducive to achieving the consensual solution the Company claims to want. In this context, the AHG has no other choice but to reserve all of its rights in relation to any default under the Notes whether in relation to the Company’s failure to make the interest payment due on 9 November 2024 or otherwise.

The AHG remains fully supportive and committed to Ukraine, and Ukraine’s defense of its freedom and territorial integrity in the wake of the Russian invasion.  It is also the view, however, of the AHG and many in the investment community that upholding and honouring commercial relationships to the fullest extent possible under the current circumstances is the best way to ensure (i) the long-term continuity of capital markets funding for Ukrainian borrowers and (ii) that Ukraine’s economy adjusts as rapidly as possible to new circumstances.

Holders of the Notes are invited to contact Alastair Goldrein or James Armshaw of Cleary Gottlieb Steen & Hamilton LLP for further information.

The contact details for Messrs. Goldrein and Armshaw appear below:

Alastair Goldrein

agoldrein@cgsh.com 

Office: +44 (0) 20 7614 2322

Mobile: +44 (0) 77 3417 1953

James Armshaw

jarmshaw@cgsh.com

Office: +44 (0) 20 7614 2216

Mobile: +44 (0) 7581 053 809

 

View original content:https://www.prnewswire.com/news-releases/noteholder-update-in-relation-to-ukrenergo-302299688.html

SOURCE Ad Hoc Group of Ukrenergo Bondholders

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Converge Technology Solutions Named Solution Partner of the Year at the 2024 Ingram Micro ONE Innovation Summit

Published

21 mins ago

on

November 8, 2024

By

TORONTO and GATINEAU, QC, Nov. 8, 2024 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or “the Company”) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to announce it has been named Solution Partner of the Year for North America by Ingram Micro, a leading technology company for the global information technology ecosystem reaching nearly 90% of the world’s population. Converge’s award was presented as part of the 2024 Ingram Micro ONE Innovation Summit, held from November 6-8, 2024, in Maryland.

The Ingram Micro ONE Innovation Summit awards honor the success of top-performing channel partners who have measurably exhibited an elite ability to drive business growth and positively impact the IT ecosystem with the support of Ingram Micro. This year’s honorees have displayed extraordinary levels of innovation, advocacy, performance, and sales success in 2024.

The Solution Partner of the Year award category recognizes partners for multiple solution categories and those who have leveraged cross-solutions at Ingram Micro to create significant impact and outstanding success in 2024.

“We are proud to recognize Converge’s growing success and strategic engagement with Ingram Micro,” said Jennifer Anaya, Senior Vice President, Global Marketing, Ingram Micro. “This year’s honorees are among the best in the business and continue to lead by example, evolving their services and solutions to best support the needs of their customers now and in the future. Congratulations to all our winners and thank you for playing such an important and growing role in the success of today’s global, regional and local B2B and B2C markets.”

“Converge is thrilled to have been named Ingram Micro’s Solution Partner of the Year for 2024,” stated Greg Berard, Chief Executive Officer of Converge. “We’re proud of our long-standing and strong working relationship with Ingram Micro, having been named Cloud Reseller Partner of the Year in 2020, 2021, and 2022, along with Blue Series Partner of the Year and CORE Partner of the Year in 2021. Our designation as this year’s Solution Partner of the Year is a testament to our growth as a company and our consistent ability to deliver groundbreaking solutions to our customers alongside Ingram Micro. We look forward to even greater success together in 2025.”

About Converge

Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, artificial intelligence (AI), application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.

For further information contact: Converge Technology Solutions Corp., Email: investors@convergetp.com, Phone: 416-360-1495

View original content:https://www.prnewswire.co.uk/news-releases/converge-technology-solutions-named-solution-partner-of-the-year-at-the-2024-ingram-micro-one-innovation-summit-302299892.html

Continue Reading

Technology

Do China and the U.S. have common interests?

Published

21 mins ago

on

November 8, 2024

By

BEIJING, Nov. 8, 2024 /PRNewswire/ — A news report by China.org.cn on China-US relations:

 

No doubt they do.

First, when it comes to the future of the China-U.S. relationship, both countries have been aware that they need to keep the overall bilateral relationship stable, and avoid letting situations get out of control. This embodies the largest common interest between the two. Secondly, in terms of economic and trade ties, the two countries aggregately account for 40% of global GDP; although the trade war between the two nations has lasted for years, they remain one of each other’s major trade partners, with their trade volume adding up to over 660 billion USD. Even for America, the majority of voices still believe it’s not a good idea to decouple with China in economy and trade. For regional and global hot spot issues, and sometimes even for the major issues that influence the U.S.’s own national interest, there would be no real resolution without consensus and collaboration between China and the U.S. In addition, many places in the world are suffering from extreme weather, making climate change a common challenge for all countries. As the largest developing country and the largest developed country, China and the U.S. have their respective strengths in energy transformation, greenhouse gas reduction, and circular economy among other aspects. The two enjoy great potential and bright prospects.

Therefore, the said two countries should pay more attention to the common interests between them, guiding the bilateral relationship through collaboration, instead of leaving it to be defined by disagreements.

China Mosaic
http://chinamosaic.china.com.cn/index.htm
Do China and the U.S. have common interests?
http://www.china.org.cn/video/2024-11/08/content_117535374.htm 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/do-china-and-the-us-have-common-interests-302299894.html

SOURCE China.org.cn

Continue Reading

Technology

FITPAWS STRENGTHENS COMMITMENT TO CANINE AGILITY SPORTS WITH EXTENDED SPONSORSHIP OF THE FITPAWS WORLD AGILITY OPEN THROUGH 2026

Published

21 mins ago

on

November 8, 2024

By

DENVER, Nov. 8, 2024 /PRNewswire/ — The World Agility Open (WAO), one of the largest annual international dog agility competitions, is proud to announce that FitPaws has committed to sponsoring the event through 2026 after a successful first year of the partnership in 2024.

FitPaws combines the art and science of physical training and rehabilitation to design equipment that improves dogs’ overall fitness. Founded in 2010, FitPaws equipment is trusted and recommended by top canine fitness and rehabilitation experts worldwide for building strength, increasing flexibility, and improving proprioception.

Since 2011, WAO has highlighted the pinnacle of training, human-canine partnership, and athleticism through teams from across the globe, all within the realm of agility sports. Teams from various nations will compete for five world championship titles, showcasing their skills in agility, jumping, speedstakes, and more.

“We are thrilled to extend our successful partnership and support this exceptional event for another two years,” says Ryan DeCaire, CEO of Paw Prosper, parent company of FitPaws. “Our ongoing sponsorship of the FitPaws World Agility Open is a testament to our deep commitment to celebrating the incredible talent and dedication in the agility community.”

“We are extremely excited to be extending our partnership with FitPaws through 2026,” says Greg Derrett, CEO of UK Agility International and the WAO. “The success of the 2024 event highlighted our shared passion for supporting the agility community and our goal of providing the ultimate global agility competition. We are excited to work together and build on this success.”

The 2025 FitPaws World Agility Open will be held at the National Hippic Centre (KHNS) in Ermelo, Netherlands, from May 14th to 18th. The event is expected to attract 650 competitors from 44 countries. Aaron Froude, Kine Eimhjellen, and Marko Makela will judge the 2025 event.

Paw Prosper
Media Contact
Kathryn Groenewold
Director of Marketing
Kathryn.Groenewold@pawprosper.com

 

SOURCE Paw Prosper

Continue Reading

Trending