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MOSCOW (Interfax) - Kazanorgsintez (RTS: KZOS) could decide
on debt restructuring within a month, the Prime Minister of Tartarstan,
Rustam Minnikhanov, said at a press conference at Interfax"s central
office.
"Constructive work is today underway with our creditors. I think
that we will decide on debt restructuring in the coming month," he said.
Minnikhanov added that the company currently had a serious debt
burden coming to "around 20 billion-30 billion rubles."
He added: "today the enterprise was operating at plus 7%-8% against
last year."
He also said that the plastics market had been in decline in both
Russia and overseas. However, the market is now showing signs of
recovery, Minnikhanov said, adding, "all of this gives hope."
It was earlier reported that TAIF Group (the main shareholder in
Kazanorgsintez) had offered the company"s creditors a deferment on loan
payment coming to eight years, which would include a rate increase to
14%. In addition, changing the terms for supply of raw materials to the
enterprises is being considered. According to the FAS, SIBUR and
Kazanorgsintez have ruled out give-and-take deliveries of ethane. Both
parties are now discussing price formulas for ethane supply.
At a meeting in July chaired by First Deputy Prime Minister Igor
Shuvalov, the allocation of 15 billion rubles in state guarantees was
reviewed.
Kazanorgsintez is owned by Telecom-Management, a wholly owned
subsidiary of the TAIF group. State-owned Svyazinvestneftekhim has 28.4%
of shares.
Kazanorgsintez is a leading Russian producer of polyethylene and
polyethylene pipe. It produces over 170 chemical products.
mrcplast.com
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