KIEV, Oct. 1 – The Industrial Union of Donbas (IUD, Donetsk) said it has been actively negotiating with a pool of international banks on the restructuring of its credit portfolio, and the talks are at the final stage, which is the reason for the non-payment of IUD’s eurobonds.

IUD Corporation confirmed that it had not redeemed eurobonds on September 23, 2010. The bonds were issued by a special project company with the goal of financing the activity of the steel mills belonging to IUD.