Finance & Credit Ukraine announces default on 9¼% participation notes

By Caroline Salls

Pittsburgh, Sept. 29 – Finance & Credit Ukraine BV said events of default have occurred under the amended and restated loan agreement related to its 9¼% loan participation notes due 2019.

According to a news release, borrower PJSC Bank Finance and Credit has been declared insolvent and placed under temporary administration for the three-month period ending Dec. 17.

The State Guarantee Fund for Individual Deposits’ authorized person for performance of temporary administration is Olena Cherniavska.

Steps that cannot be taken during Bank Finance and Credit’s administration period include enforcement of any creditor claims, liens or foreclosures, default interest, penalties and fines on any agreement made with Bank Finance and Credit, offsets of assets and liabilities and accrual of interest or fees on Bank Finance and Credit debts, the release said.

The Ukrainian commercial bank is based in Kiev.

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