This is evidenced by the decision following the creditors' vote, a copy of which was obtained by Forbes.
In January 2025, Ukrzaliznytsia is expected to make a coupon payment of approximately $83 million on its Eurobonds.
During the voting, holders of both series of securities did not gather the necessary votes to approve the terms revision that the company proposed for the second time since the onset of the full-scale invasion.
Ukrzaliznytsia's proposal included changes to the repayment terms for two series of bonds: one for $594.9 million with an interest rate of 8.250% maturing in 2026, and another for $300 million with a rate of 7.875%, due in 2028.
In January 2025, payments for coupons deferred from 2023-2024 are scheduled. Ukrzaliznytsia has asked creditors to postpone coupon payments for each series of bonds by 12 months. The total amount the company sought to defer is around $83 million.