EnglishConpet has come to an agreement with the shareholders in RAFO regarding the settlement of the refinery"s largely overdue debt, which has become an obstacle preventing the finalization the judicial reorganisation procedure, which RAFO started five years ago.
The debt assignment agreement between Conpet, the creditor, and Petrochemical Holding GmbH, a shareholder in RAFO, was concluded on 9 November. Two days later, the General Meeting of RAFO Shareholders authorized an increase in the share capital by an amount equal to the value of the debt to Conpet (2.4 million RON) and a concurrent debt-for-shares swap with Petrochemical Holding GmbH.
The RAFO shareholders also decided on the same occasion to cancel 2.8 billion shares in order to maintain the stakes of the other shareholders.
The RAFO subject came back into the spotlight two months ago, when the Boc Government announced willingness to give the refinery a State bond to help them secure a 330 million EUR loan necessary for modernizing technology and including the refinery into a petrochemical holding together with Oltchim and Arpechim.
The State bond was intended to cover 80 per cent of the value of the loan, but has not yet been issued because the RAFO shareholders have not yet lifted the lien which they hold on the refinery as security for receivables close to 350 million EUR. The process can only be completed when the refinery is no longer the subject of a judicial reorganisation procedure.
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