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Rompetrol lawyers: Romanian state has no legal means to refuse conversion of bonds into shares or partial payment of Rompetrol debt

de V.O.
Miercuri, 25 august 2010, 13:28 English | Business

Romanian state has no legal means to refuse a conversion of bonds into shares or the partial payment of debt by Rompetrol Group, representatives from three law houses representing the company said in a press conference on Wednesday.

That is, because a contract signed with KazMunayGaz on the takeover of Petromidia included a provision on the possibility of the shareholder to opt between the two solutions. Rompretrol representatives said that options were still open and that talks were still taking place with the Finance Ministry. But they said that anyway the company did not have the resources to pay more than 100 million USD this year.

The current value of the debt of Petromidia refinery to the Romanian state, which was taken over by KazMunayGaz, stands at about 600 million USD with a deadline on September 30.

to be updated

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