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Ukraine's PrivatBank seeks 'common language' with bondholders
December 22, 2016 / 11:08 AM / in a year

Ukraine's PrivatBank seeks 'common language' with bondholders

KIEV (Reuters) - The new chairman of Ukraine’s PrivatBank said on Thursday he and the central bank were ready for talks with the bank’s bondholders who are facing a bail-in, but were also ready to go to court if necessary.

People gather near an automated teller machine (ATM) outside a PrivatBank branch in Kiev, Ukraine, December 19, 2016. REUTERS/Valentyn Ogirenko

Ukraine declared PrivatBank, the country’s largest lender, insolvent on Monday and took it under state control.

As part of a state rescue, holders of PrivatBank Eurobonds would be subject to a bail in.

“We, together with the central bank, will try to find common language with the Eurobond holders,” Oleksandr Shlapak told a televised press conference in the city of Dnipro, where PrivatBank is headquartered.

“Otherwise we will try to defend our position in the courts,” he added.

Reporting by Natalia Zinets; Writing by Matthias Williams; Editing by Alexander Smith

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