KIEV, Aug. 31 – A delay in the delivery by Naftogaz Ukrayiny of its 2008 consolidated and audited financials in time might already constitute a constructive default, says Carl Philipp R. Thomas, an associate of Luxemburg-based Aequi-Libria consultancy firm and member of Naftogaz Noteholders' Action Group.

"We have raised the issue of why Naftogaz has not delivered its 2008 consolidated and audited financials by July 31, 2009," he said. "In our view, one month past that due date, this might already constitute a constructive default."