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Bond Market News
Ukrainian Railways’ Bondholders Reject Initial Debt Restructuring Proposal
April 10, 2026
Ukrainian Railways’ bondholders have rejected the company’s initial debt restructuring proposal. The state-owned company is seeking to restructure nearly $1.1bn in bonds as the Russia-Ukraine war has severely strained its finances through declining cargo and passenger volumes, rising costs, and escalating infrastructure damage. The company’s proposal involved a 20% haircut on bondholder debt, a principal adjustment mechanism tied to freight volumes, an extension of bond maturities from 2026 and 2028 to 2033, and higher coupons over the revised term. Bondholders rejected the offer outright without submitting a counter-proposal, arguing that the company’s financial difficulties stem primarily from insufficient government-regulated freight tariffs rather than circumstances that justify a debt reduction. They also objected to absorbing writedowns while other creditors of equal rank were not. Both sides say they remain open to continued engagement, though the bondholder group’s law firm Hogan Lovells stated that the current proposal does not provide a viable basis for good-faith negotiations. Formal initial discussions have now concluded, with no deal in sight.
It’s 7.875% 2028s were trading stable at 75.6 cents on the dollar, yielding 20.9%.
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