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Komfie Manalo, Opalesque Asia: Aurelius Capital Management, the hedge fund who has sued Argentina to seek full repayment on its sovereign debt, is using the same tactic to ask for better debt repayment terms from Ukraine, reported Reuters on Friday.
Aurelius bought Ukraine sovereign bonds, including some that will mature before the end of this year. Meanwhile, a restructuring deal done last month allowed Ukraine to cut principal repayment on its bonds by 20% and extend their maturities by four years.
Ukraine needs the deal to secure fresh financial aid from the International Monetary Fund, amidst issues of corruption, financial mismanagement and pro-Russian separatists that have brought the country to the brink of bankruptcy, said Reuters.
and Some holders of the bonds maturing this year think the current restructuring is unfair because the maturity of their debt would be deferred by more than eight years – but only half a year for bonds due in 2023. The group said, through law firm Shearman & Sterling, that its stake is big enough to allow it to challenge a pending vote on the $18bn debt deal.
"It's Aurelius. They have been accumulating the bonds from the market," a source told Reuters. A spokesman for Aurelius declined comment.
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