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Ukraine Railways Working on a New Restructuring Proposal
August 14, 2026
-Vandit P
Ukrainian Railways is working on a new restructuring proposal for $1.1bn in bonds. This comes after the Ukrainian government approved a 30% increase to rail freight prices, which took effect at the start of August, according to a company’s spokesperson. The company is now working on next steps for its restructuring, though formal talks with bondholders have not yet restarted. Earlier discussions in April had ended without a deal, where freight tariffs were among the key sticking points for investors including hedge fund VR Capital. The restructuring plan presented earlier this year proposed cutting the debt owed to bondholders by 20%. It included a principal adjustment mechanism that would alter payments to investors based on freight volumes, and called for extending the bonds to 2033 with an amortization schedule and rising coupons over the term of the debt. Ukrainian Railways stopped paying interest on its bonds in January, and about $700mn of the debt due to mature last month remains unpaid, with the remainder due in 2028. The approved 30% freight charge increase falls short of the 45% hike the company had initially requested. An additional 15% increase proposed for January 2027 has not yet been approved.
Its 7.875% 2028s were stable at 85.1, yielding 15.27%
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