English
The Romanian Government would prefer payment that "Rompetrol Rafinare" pay its debt for the debt of in cash of instead of a debt-for-equity swap, Finance Minister Sebastian Vlădescu said yesterday, quoted by Bloomberg. The government would be more willing to extend the initial deadline for the repayment of the bonds, Vlădescu said in the interview.
Minister Vladescu stressed: "We are open for negotiations, but not to the idea of becoming a shareholder in Rompetrol Rafinare again", Vladescu said. "A negotiation of the payment of the debt converted into bonds over a certain period of time might be an alternative. We would prefer an extension of the deadline and receive cash instead of becoming a shareholder again. I don"t think the position of minority shareholder would be advantageous to the Romanian state."
The management of the "Rompetrol" group has announced that it does not have enough cash to pay back by September 30th the bonds worth almost 600 million dollars. Thus, the group controlled by "KazMunayGaz" has paid in the beginning of the month, the amount of approximately 71 million dollars. "Rompetrol" wants the remaining bonds to be converted into shares, and stressed that this solution is in line with the terms of the contract is has concluded with the Romanian state.
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