May 12, 2015 / 7:46 AM / 4 years ago

Ukraine creditor group says delivers detailed restructuring plan

LONDON (Reuters) - Ukraine’s ad-hoc creditor committee said on Tuesday it had delivered a detailed debt restructuring proposal to Kiev but that it had not seen substantive engagement by the government on initial proposals four weeks ago.

“The Committee has now delivered a detailed restructuring proposal based upon (International Monetary Fund) assumptions,” the ad-hoc creditor committee said in a statement.

“This is a compromise that balances the stated debt reduction interests of Ukraine and one of the investors’ objectives of avoiding a principal reduction.”

The committee represents some $10 billion of the $23 billion in outstanding debt which Kiev is seeking to restructure.

It said it was “willing and ready to support a prudent debt restructuring”, adding it was looking forward to discussing its new proposal formally with Kiev.

Speaking in mid-April, Ukraine’s finance minister Natalia Yaresko said the committee’s first proposal had only included a maturity extension and could not help the government achieve all its targets for debt restructuring.

Reporting by Karin Strohecker, editing by Nigel Stephenson

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