Ukrenergo management board expected by end of July alongside green bond restructuring completion
The management board of NPC Ukrenergo may be formed by the end of July, coinciding with the anticipated conclusion of the restructuring of its green bonds, said Supervisory Board member Yuriy Boyko.
"I hope that by the end of July we will not only complete the formation of Ukrenergo's management board, but also implement the full set of measures required to finalize the restructuring of the green bonds," Boyko said at the 5th Energy Law Conference in Kyiv on Thursday, as reported by Energy Reform.
He noted that the Supervisory Board began the process this week, following the appointment of the board chairman, and will continue working on the appointments next week.
"The goal is to approve the full board composition by the end of this month," he explained.
Boyko stressed that appointing the board is critical for resolving the company's technical default.
"This is a case of emerging from technical default. The appointment of company leadership, along with renewed discussions on exiting default status, is essential for all market stakeholders," he said.
Boyko added that amendments to Ukrenergo's charter – introduced by the Ministry of Energy in May and June and requiring a qualified majority vote from the Supervisory Board to appoint the CEO – had temporarily stalled negotiations on the bond restructuring, despite a conceptual framework already having been agreed upon.
"The original plan, after agreement on the restructuring terms framework, was to finalize the process by July 10. Now those timelines are being pushed back," Boyko said.
He declined to share further details of the restructuring talks, citing the need for confidentiality due to the involvement of numerous parties, including international financial institutions.
As reported, effective July 1, Ukrenergo's Supervisory Board appointed board member and chief dispatcher Vitaliy Zaichenko as CEO through a competitive process. Acting CEO Oleksiy Brekht remains a board member. The board is expected to consist of five members, with Serhiy Halahan and Oleh Skrypnyk currently also serving on the board.
In November 2024, Ukrenergo declared a technical default on its $825 million green bonds and began restructuring talks.