In its April report, the U.S. Department of Agriculture (USDA) lowered its forecast for wheat exports from Ukraine in the 2025–2026 marketing year (MY) to 12.5 million tons from 13.5 million tons, a decrease of 1.0 million tons (7.4%). Meanwhile, the estimate for Ukraine’s wheat harvest remains unchanged at 24.0 million tons, while the forecast for ending stocks has been raised to 3.93 million tons, an increase of 0.8 million tons.
Globally, the USDA raised its forecast for wheat production in the 2025–2026 MY to 844.15 million tons, while the estimate for global exports was lowered to 221.88 million tons, and ending stocks could rise to 283.12 million tons. Among major exporters, the agency raised its harvest estimate for the EU to 145.11 million tons and for Russia to 90.3 million tons, while increasing its forecast for Russian exports to 44.5 million tons.
JSC Ukrzaliznytsia held limited negotiations from April 1 to 8 with members of the ad hoc group (AHG) of holders of its Eurobonds with a face value of $1.055 billion, during which it presented its proposal for their restructuring, but so far without success.
“…the bondholders noted that, although they support a consensual restructuring of the bonds, they do not wish to participate in Ukrzaliznytsia’s proposal and have not submitted a counterproposal at this stage,” the company said in a statement on Friday.
It is noted that the group of bondholders decided not to seek an extension of the limited negotiations after the expiration of the specified period.
“Although Ukrzaliznytsia and the holders of restricted-rights bonds did not reach an agreement on the terms of the bond restructuring during the limited period, Ukrzaliznytsia intends to continue good-faith cooperation with AHG, in particular through the parties’ respective advisors, with the aim of reaching an agreement,” the statement noted.
According to the statement, Ukrzaliznytsia was joined by its legal advisors Clifford Chance LLP and Sayenko Kharenko, as well as its financial advisors Rothschild & Cie and FinPoint LLC, while the holders of restricted-rights bonds were joined by AHG’s legal advisors Hogan Lovells International LLP.
As stated in the restructuring presentation, Ukrzaliznytsia proposed writing off 20% of the principal amount, deferring the final repayment of the Eurobonds until June 2033, and beginning their soft amortization starting in December 2030—in six equal installments of $150 million.
At the same time, the company additionally wants to link the amount of these payments to the volume of freight traffic. “Each individual payment of $150 million may be adjusted upward or downward within the range of $112–168 million depending on the volume of freight traffic,” the presentation notes.
As for interest, in the first year (from June 2026 to June 2027), it was proposed to pay only 1.5% in cash; in the second year, 2%; in the third, 4%; in the fourth, 6%; and in the last three years, 7.75% each.
As for overdue interest, which will amount to $83 million as of June 30 of this year, Ukrzaliznytsia would also like to write off 20% of this amount, and of the remaining $67 million, pay 20% in cash—or 1.3 cents per dollar of face value—and capitalize the rest into a new instrument.
If this proposal is accepted, the company would pay only $20 million and $16 million in cash on the Eurobonds this year and next year, respectively, while in 2028 – $77 million, in 2029 – $121 million, in 2030 – $240 million, $389 million in 2031, $434 million in 2032, and $155 million in 2033.
As reported, in January 2025, Ukrzaliznytsia capitalized the coupon payments on the 2026 Eurobonds with a rate of 8.25% totaling $108.28 million, and on the 2028 Eurobonds with a 7.875% coupon rate totaling $51.9 million. This increased the outstanding amounts of these issues to $703.2 million and $351.9 million, respectively.
In January of this year, the company defaulted on $45 million in coupon payments on the 2026 and 2028 Eurobonds, due on January 9 and 15, respectively, and announced its intention to initiate a comprehensive restructuring of its financial obligations under the credit agreements related to the bonds, with the participation of qualified financial and legal advisors.
The company cited the prolonged decline in freight revenue amid a decrease in freight volumes—which is expected to reach approximately 17% in 2025— as well as an increase in attacks on the railway, the total number of which in 2025 (1,195) exceeded the combined figure for 2023–2024.
In February, the international rating agency Fitch Ratings downgraded the long-term issuer default rating (IDR) of JSC Ukrzaliznytsia to “RD” (Restricted Default) from “C,” and downgraded the long-term ratings of its Eurobonds maturing in 2026 and 2028 to “D” from “C.”
According to the presentation, in 2025, Ukrzaliznytsia saw its revenue decline by 15.6% to $2.189 billion and its EBITDA by 30.2% to $293 million, of which $270 million consisted of budgetary support. The net debt-to-EBITDA ratio rose to 5.2.
On April 7, PJSC National Energy Company (NEC) Ukrenergo announced its intention to conclude contracts with Ultra Alliance Insurance Company for property insurance of Lviv Insulator Company LLC (Lot 1) and third-party liability insurance (Lot 2).
According to the Prozorro electronic public procurement system, the estimated cost of services in Lot 1 was UAH 514,200, while the company’s bid was UAH 366,400. Also participating in this lot were Transmagistral Insurance Company—430,100 UAH—and VUSO Insurance Company—513,600 UAH.
The bid for Lot 2 was 321,400 UAH; the bids from IC “Ultra Alliance” were 147,800 UAH, IC “Transmagistral” – 245,100 UAH, and IC “VUSO” – 319,300 UAH.
INSURANCE, Lviv Insulator Company, UKRENERGO, Ultra Alliance
On April 9, the Security Police Department in Chernivtsi Oblast announced its intention to enter into a voluntary insurance contract with Guardian Insurance Company (Kyiv) to cover financial risks associated with security contracts.
According to a notice in the Prozorro electronic public procurement system, the price proposal from the sole bidder—Guardian Insurance Company—was 600,000 UAH, compared to the expected cost of 630,000 UAH.
Guardian Insurance Company is a member of the Presidium of the League of Insurance Organizations of Ukraine. Since January 2020, it has held full membership status in the Motor Transport Insurance Bureau of Ukraine (MTIBU) and is authorized to issue “Green Card” policies.
According to Fixygen, PJSC “Izmail River Port ‘Danaysudnoservice’” intends to hold a general meeting of shareholders on April 30, 2026. The company published the notice of the meeting on March 28 on its corporate website in the section for shareholders and stakeholders. At the same time, the company posted separate materials listing the documents required for shareholder participation in the meeting and information on the total number of voting shares as of March 23, 2026.
The publicly accessible section of the corporate website confirms the convening of the meeting on April 30, but the detailed agenda is not disclosed in the indexed text. At the same time, the company also posted its 2024 annual report, indicating that a full package of materials for shareholders is being prepared for the upcoming annual meeting.
PJSC “Port ‘Dunasudnoservice’” was registered on July 17, 1995, in Izmail, Odesa Oblast; its authorized capital is UAH 1.544 million. According to Opendatabot, the company’s director is Yevhen Tarnavskyi, and its primary activity is the repair and maintenance of ships and boats. The company’s revenue in 2025 amounted to 7.256 million UAH, its net loss was 5.715 million UAH, and its assets at year-end stood at 43.877 million UAH. Among the major shareholders, Opendatabot lists Ihor Urbansky with a 79.0575% stake. On its corporate website, the company traces its history back to the Izmail Ship Repair and Mechanical Plant, and then to its transformation into the “Dunasudnoservice” river port.
According to Fixygen, PJSC “Donbas Clays” intends to hold its regular annual general meeting of shareholders on April 30, 2026. The notice of the meeting was posted on the issuer’s website on March 30; the meeting itself will be held in person at the company’s Kyiv office. The published notice states that the agenda includes a report by the executive body on the results of financial and operational activities for 2025, reports from the supervisory board and the external auditor, approval of the 2025 performance results, profit distribution and loss coverage procedures, the issue of the annual dividend amount, as well as preliminary consent to enter into significant transactions for a term of one year.
According to the key indicators published along with the meeting materials, in 2025 the company reported a net loss of UAH 216.793 million, compared to a net profit of UAH 247.477 million a year earlier. At the same time, assets increased to UAH 1.294 billion from UAH 1.132 billion, and cash and cash equivalents rose to UAH 651.893 million from UAH 139.077 million.
PJSC “Donbas Clays” was registered in 1995 and specializes in the extraction of sand, gravel, clay, and kaolin. The company’s registered address is the village of Dorozhne, Mertsalovo Station, Pokrovsk District, Donetsk Oblast; its director is Ihor Tkach; and its authorized capital is UAH 526,900. The company remains registered as of early April 2026.
According to previously published information, 99% of the company’s shares were owned by Watts Blake Bearne International Holdings B.V.—a subsidiary of the British company Watts Blake Bearne.
https://www.fixygen.ua/news/20260410/shlifverst-provede-zbori-aktsioneriv-29-kvitnya.html
