Ukraine`s Naftogaz proposes to reschedule debts

KIEV, September 25 (Itar-Tass) -- Ukrainian Naftogaz Company proposed
to the creditors on Thursday to reschedule 500-million dollar debts for
five years.
The company proposed to exchange its bonds with 8.125 percent yield
that mature on September 30, 2009 for state-guaranteed securities with a
9.5-percent yield that mature in 2014.
"The company requested holders of Eurobonds worth 500 million dollars
to exchange 100 percent of their securities for new dollar-denominated
bonds with a 9.5-percent coupon and a sovereign guarantee of the Ukrainian
state and the repayment time in September 2014," Naftogaz said in a
statement.
The proposal aims to resolve financial problems of the company and
decrease risks.
Naftogaz said a meeting of Eurobond holders is scheduled for October
19.