Ukrainian energy company Naftogaz, the first state-owned entity to default since Russia’s invasion, said on Wednesday it will immediately offer its Eurobond holders an agreement to defer payments in accordance with terms set by the government.

The process should be part of a joint effort by the government and other state-owned companies to offer similar terms for deferring payments on Eurobonds, the company said in a statement.

Naftogaz said on Tuesday it would not make payments on international bonds before the expiry of a grace period.
Source: Reuters (Reporting by Natalia Zinets, Editing by Timothy Heritage)