Government may extend payment deadline for Rompetrol debts

Publish date: 26-08-2010
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The Government is willing to negotiate a payment deadline extension for Rompetrol debts, but has no interest in becoming shareholder in the group, so much less a minority shareholder, the minister of Finance, Sebastian Vladescu, stated in an interview to Bloomberg, quoted by Mediafax. The deadline by which Rompetrol should pay its debts is September 30.

"Negotiating the payment for a later date may be an option. We would prefer extending the term and the debt's payment in full to its conversion in shares," Vladescu stated. Rompetrol announced, on Wednesday, that it intended to pay up to USD 100 M out of the total debt, while the rest was to be converted in shares. The Rompetrol Group, owned by KaMunaiGaz from Kazakhstan, has to reimburse over RON 2 bln to cover the long-standing debt of the Petromidia refinery, contracted in a 2003 bonds emission. The Kazakh group rescued bonds worth USD 71 M and paid USD 24 M in interests.

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