JRL NEWSWATCH: “Ukraine’s State Energy Firm Nears Default” – WSJ

“Naftogaz is seeking government approval to make payments by the end of Tuesday.”

“Ukraine’s NJSC Naftogaz was hours away from default after lenders rejected its request to delay payments on more than $1.4 billion of foreign-currency bonds. … [T]he state energy company was seeking [Ukrainian government] approval … to repay … a $335 million note that matured last week. … [According to the company, the Ukrainian government] had yet to respond. … [T]he bond’s five-business-day grace period elapses Tuesday, after which it will be in default. … complicat[ing] … operations …. [Naftogaz] play[s] a pivotal role in Ukraine’s wartime economy, producing gas and oil and subsidizing fuel …. Naftogaz … also oversee[s] an uneasy arrangement under which [Russia] pays [Ukraine] to transit … natural gas through Ukrainian pipes to Europe. …”

Click here for: “Ukraine’s State Energy Firm Nears Default; Naftogaz is seeking government approval to make payments by the end of Tuesday” – Wall Street Journal/ Caitlin Ostroff and Joe Wallace