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Ukrainian Railway companies under the management of the State Administration of Railways Transport of Ukraine (Ukrzaliznytsia) (the “Railways” and the “group”) have failed to make principal payments under certain bilateral loan agreements with Ukrainian lenders. Such defaults have triggered a cross default under certain other financings, including the loans underlying the U.S.$500,000,000 9.5 per cent. Loan Participation Notes due 2018 issued by Shortline plc (the “eurobond”).
Ukrainian railways saw its loss from passenger transportation on suburban and long-haul routes grow by 9% in January-March 2015 year-over-year, to UAH 2.4 billion.