EnglishIn yesterday"s meeting, the shareholders of "Rompetrol Rafinare" approved on principle the mortgaging of several of the company"s assets, even though since Friday, they have been placed under distress by the National Tax Administration Agency (ANAF). Most of the assets in question have been mortgaged to guarantee the 720 million dollars that Rompetrol has borrowed from the majority shareholder over the last year. Rompetrol Rafinare was supposed to pay back the amount on August 12th, but the Kazakhs have decided to postpone the maturity until a date which will be announced later.
The majority shareholder of the company must soon announce the conditions for the rescheduling of the loan. The Kazakhs could have converted their own debt into equity.
On Friday, the National Fiscal Administration Agency (ANAF) has levied distress on the assets of "Rompetrol Rafinare" to prevent their alienation. The representatives of the ANAF have stated in the beginning of the week that the distress does not affect the activity of Rompetrol Rafinare, since the action was taken only to ensure that the assets don"t get alienated and is intended to ensure that the value of the unpaid bonds (516 million Euros) will be recovered in full on maturity.
So far, "Rompetrol Rafinare" has only paid back 54 million Euros of the 570 million Euros that it owes on account of the bonds issued in September 2003, which are coming due at the end of this month.
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