Ukraine Bank Bond Offer Gets Backing From VR Global, Hedge Funds
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Hedge funds including VR Global Partners LP are supporting a debt-restructuring offer from Ukraine’s third-biggest bank, reducing the threat of a default that would risk derailing the nation’s $23 billion overhaul.
VR Global, GLG Partners LP and funds managed by Oaktree Capital Management LP have formed a committee holding about 27 percent of the $750 million bond due April 27, according to an e-mailed statement on Wednesday from the law firm representing the group. The show of support comes two days after State Export-Import Bank of Ukraine put forward a plan including a seven-year maturity extension and higher coupon payments.