Ukrainian Railways Bond Restructuring Rejected by Investors

Initial debt-restructuring negotiations between Ukrainian Railways and its bondholders have ended without a deal after investors rejected an opening proposal from the state-owned rail operator, according to statements from both parties.

Ukrainian Railways, known as Ukrzaliznytsia, has seen its finances and rolling stock ravaged during Russia’s four-year-old invasion. The company is looking to restructure almost $1.1 billion of bonds as a result of the strain that declining cargo and passenger volumes, combined with surging costs and repair needs, have put on its cash reserves.