Owners of Ukrainian GDP warrants are rallying for negotiations on restructuring.

Some holders of Ukrainian GDP warrants are planning to create a group that will represent their interests in restructuring sovereign debt, the data platform on public markets, and REDD companies reports. Warrant holders include both investment funds and hedge funds.

The activity began after Ukraine announced on July 1 during an investor call that it plans to restructure its sovereign Eurobonds and GDP warrants and intends to complete the process by September 1. This was unexpected news for investors, who had not been expecting the warrant issue to be raised until 2025 at the earliest.

Rothschild, Ukraine’s financial adviser, said that a two-level restructuring would be “suboptimal” for Ukraine.

Ukrainian officials, in turn, reported that negotiations with creditors are ongoing and there are good chances of reaching an agreement. Two arguments against another pause, given by the Ukrainian side during the call, were as follows: The IMF requires restructuring to be completed, and this will benefit Ukraine’s recovery by stimulating private capital.