“Ukrposhta” plans to restructure $8.5 million debt on the Bank loan Yanukovych

“Ukrposhta” plans to restructure debt of about $8.5 million on two loans all-Ukrainian development Bank (VBR), raised in late 2013 when the Bank was owned by Alexander Yanukovych – the son of President Viktor Yanukovych.

“If this is about old debts in the Bank Yanukovych, …we are working to restructure,” wrote acting CEO of “Ukrposhta” Igor Smelyansky on the social network Facebook.

He also noted that payments on all outstanding loans of PJSC holds a clear schedule.

According to the information in the issue prospectus of bonds of “Ukrposhta”, December 30, 2013, the company entered into two loan agreements with FBG in the amount of respectively $14,75 million and $8,14 million, the liabilities for which in the middle of last year was $4.5 million and $4 million In the prospectus specified that the term of the contract – before the end of this year.

In connection with the use by the EU Council sanctions to Alexander Yanukovych, in particular, freezing of assets, in November 2014, the NBU took the decision of allocating the FBG to the category of problem. Currently the Bank is in the process of liquidation.

Credit agreement “Ukrposhty” with UBD several times exhibited in the system of government electronic trading ProZorro a single lot. At the first auction on 10 November last year the starting price was $ 239,27 million UAH, and by 10 January of this year it dropped to 167.49 million.

The auction was attended by LLC “Legal company “KM Group” and LLC “FC “Geneva”, the latter offered 169,17 million UAH, however, on 7 February was reported to declare the tender cancelled because of Ineligibility of participants.

According to information in the system ProZorro rate on the loans is 11% per annum. One loan with an outstanding amount of 112,58 million UAH delay at the end of last year was 417 days, otherwise 126,69 million UAH 173 days.

State “Ukrposhta” enters into the sphere of management of the Ministry of infrastructure. Provides around 50 types of services in 10.6 thousand branches throughout Ukraine, and about 1.2 thousand located on the controlled Ukraine territory.

“Ukrposhta” in January-September of 2017 received 415.5 mln UAH of net loss under international financial reporting standards, while during the same period the year 2016 net profit amounted to 6,954 million. Its net income rose 15.6% to 3,697 billion.

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