9 June to early repayment was made almost all of the bonds of this issue - about 350 million hryvnia. This case reported in the Investment Company Concord Capital. This information is confirmed and the company's Investment Capital Ukraine , which is one of the largest holders of these bonds.

Kreditprombank was the second Ukrainian finuchrezhdeniem who have defaulted on local bonds - in January this year, partly not fulfilled commitments to put the bank Financial initiative.

Total debt Kreditprombank on local bonds (There are 6 issues) amounted to 1.45 billion hryvnia, 600 million of which may be brought to maturity before the end of 2009.

Failure Kreditprombank offer bonds series F is not a surprise for the holders of those securities. The point is that the bank began to negotiate a restructuring of the debt by more than one month before the date of execution of the offer. The initial conditions of the restructuring proposed by the bank, market participants rated as one of the most disadvantageous. The Bank offers 5% of the amount of debt to pay now, 10% - in 2010 and 85% - for 2011-2012 years, - notes the analyst Investment Concorde Capital's Andrew Gerus. This returns on securities amounted to 17% per annum. This is one of the most unattractive conditions of restructuring, which are offered to holders of bonds. But this is only the initial conditions, then the bank and investors have come to a compromise that will satisfy both sides, - sure Astrum Investment Management analyst Sergey Fursa. A positive signal for investors is the fact that the bank continues to pay interest income on bonds of series F. Thus, on 9 June (the day of execution of an offer) Kreditprombank paid coupon for the eighth time in the amount of 9.4 million hryvnia.

itself Kreditprombank also believe that they will be able to agree on debt restructuring and thereby avoid lawsuits from investors. At this time, active negotiations on the restructuring. In the very near future we will be ready to announce the result. Perhaps this will become known in this or next week - the press-service Kreditprombank. Optimistic and bondholders. We - one of the largest holders of these securities, and now Kreditprombank provides us with the conditions of restructuring. I hope that we will finish the negotiations in this or next week, - said chairman of the investment board of directors of the Investment Capital Ukraine Valeriy Gontareva.

However

announce new terms for restructuring and the issuer, and investors refused, citing the fact that they are purely individual in each case.

However, even if Kreditprombank able to restructure bonds series F, in that its difficulties in 2009 are not limited. According to estimates of analysts Concorde Capital, just before the end of the year to put the bonds could be worth about 600 million hryvnia (in 2010-2011 - a further 650 million hryvnia). And repayment of the debt the bank will also be forced to move to a later period. Because of the fact that the bank now has to restructure, the financial burden on other benefits, it is not drawn, and will also try to restructure it. And of the lenders will go toward the bank or not, will depend upon, the bank will remain live or bankrupt - Investment analyst said the company Phoenix Capital Maria Maiboroda.

Assets Kreditprombank at the beginning of April amounted to 13.55 billion hryvnia, the authorized capital - 1.35 billion hryvnia. Tools yurdicheskih persons - 1.12 billion hryvnia, natural persons - 3,08 billion hryvnia.

According to the NBU, the principal shareholder Kreditprombank was Konstantinos Papunidis, a native of Georgia and a citizen of Greece. He owns approximately 80% loss in share of the bank. Another major beneficial shareholder of the bank is Victor Nusenkis (controlling company Energo ).

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