Companies@UA: База компаний Украины

Kyiv, August 6 (Interfax-Ukraine) – The Ukrainian Finance Ministry's statement on the need to restructure a $500 million international bond of the state gas company Naftogaz, which is due to mature in late September, has caused dismay among some investors, the British business newspaper the Financial Times has reported.

Naftogaz bonds are held widely outside Ukraine and are sometimes seen as a proxy for sovereign debt, the newspaper said.

"If the most important company in Ukraine cannot meet its debt obligations, what hope do the rest have? This would be equivalent to a default and a very negative signal to the investment community," said Tim Ash, emerging markets debt analyst at Royal Bank of Scotland.

"We have heard repeatedly in the past that the Ukrainian government will do whatever it takes to stand by Naftogaz," he added.

Acting Finance Minister Ihor Umansky said earlier that he was convinced that it was necessary to restructure Naftogaz's debts.

"The current negotiation process on receiving resources from the European Union and international lenders is going, but the time frame is uncertain. Considering that the payments [on Naftogaz bonds] are due in the end of September, we need to speed up [restructuring] work," he said.