UDPATE 1-Ukraine state railway seeks debt restructure: finmin
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KIEV, Nov 12 (Reuters) - Ukraine's state railway company is seeking to restructure a foreign currency loan organised by Barclays (BARC.L) after failing to repay $110 million of it, acting Finance Minister Ihor Umansky said on Thursday.
The attempt by Ukrzalyznitsya to change the terms of the debt comes hot on the heels of the restructure by Ukraine's state energy company Naftogaz of its entire foreign debt through the issue of a $1.65 billion bond.
The railway company "should have paid $110 million of the debt and $8 million in coupon payments," Umansky told reporters. "(The company) has made some proposals to the holders of the debt, which was organised by Barclays."
Prime Minister Yulia Tymoshenko said on Wednesday Ukraine's economy would undergo an "extremely difficult" period without a $3.8 billion bailout from the International Monetary Fund, part of a $16.4 billion programme to counter economic crisis.
The IMF refrained from releasing the funds after parliament passed a bill raising the minimum wage by over 20 percent. [ID:nLB138580]
Respected news Web site Ukrainska Pravda wrote that the debt Ukrzalyznitsya wanted to restructure was a $550 syndicated loan which it received in 2007.
Umansky did not confirm the size of the debt and the company itself was not immediately available for comment.
Ukrainska Pravda wrote Ukrzalyznitsya was in technical default after missing a Nov. 11 deadline for the payment of the principal and coupons amounting to $118 million. (Reporting by Yuri Kulikov; writing by Sabina Zawadzki; Editing by Ruth Pitchford)
