Initial debt-restructuring talks between Ukrzaliznytsia and its bondholders have broken down after investors rejected the state railway’s opening proposal, though both sides remain open to further discussions. Ukrzaliznytsia and Naftogaz’s Eurobonds remain the last state-owned companies whose external debt is not being renegotiated – Ukrenergo successfully concluded negotiations but has not yet swapped its old bonds for new ones. JOIN US ON TELEGRAM Follow our coverage of the war on the @