A group of hedge funds invested in Ukraine is organizing ahead of debt-restructuring talks with the government to rework some $2.6 billion of GDP warrants, according to people with knowledge of the matter.
Funds including Aurelius Capital Management LP and VR Capital Group are part of the creditor group advised by Cleary Gottlieb Steen & Hamilton LLP, the people said, asking not to be named because the information isn’t public. Absent a restructuring deal, the cash-strapped government of Ukraine would be due to make two payments to warrant holders in August — a consent fee and a payment covering the 2021 period, two of the people said.