We are talking about the VR Capital hedge fund, which is headed by the former co-founder of the Renaissance Capital investment bank.
London hedge fund VR Capital resists against efforts of Naftogaz of Ukraine to restructure its debt. Financial Times writes about it with reference to sources.
The publication reminds that “Naftogaz” is trying to postpone repayment for two years. The money is needed to prepare for the heating season and get through it in wartime conditions with fewer shocks.
However, bondholders, including hedge funds, say that Naftogaz can easily repay its debts and that the decision should be postponed payments are politically motivated.
“There is a lot of frustration that the company did not pay,” said one of the newspaper's interlocutors.
Holders of bonds maturing in 2022 and 2026 rejected the company's offers, leaving the company in default. By contrast, investors in the 2024 bond accepted the plan, allowing €600 million in principal payments and €90 million in interest to be deferred.
“VR, led by Richard Deitz, the former co-founder of investment bank Renaissance Capital, is a large holder of the bonds and took the lead in blocking the plans, people familiar with the restructuring said.
VR's move comes just months after it said it, along with employees and Ukrainian affiliates, provided more than 1 million dollars of humanitarian and logistical aid to Ukraine and is ready to provide further support,” the article says.
Read also: Gazprom underpaid Naftogaz by $200 million
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