Ukraine's national natural gas company ended weeks of speculation Thursday when it announced plans to restructure its $500 million Eurobond maturing at the end of next month "in the coming weeks."
Initial talks with a number of creditors have already taken place, the company said, adding that "the input gained from these and future discussions will be used to help formulate a plan that works best for all parties."
Naftogaz's Eurobonds are due to mature Sept. 30.
The position of the bondholders isn't known, neither is whether the holders have formed a committee to represent them in the debt talks.
However, Corlblow Trade International Ltd., a Belize-registered holding company, which owns roughly $11 million worth of the bond, has set up a Naftogaz noteholder's action group and on the Web site dedicated to the group, it said it plans to block any attempt by the Ukrainian company to restructure the bond.
"We are opposed even to a one-year extension of the maturity, given the uncertainties regarding the domestic political situation in Ukraine," Corlblow said on its Web site.
Corlblow's sole director, Alexey Olshansky, was former head of OAO Gazprom's (GAZP.RS) insurance affiliate Sogaz Insurance.
On the Web site, Corlblow denies any affiliation with Gazprom, Russia's state gas firm.
Corlblow wasn't immediately available for comment.