Government And Energy Companies Begin Tackling Debt Problems.

The government has created a working group to help energy companies offset their debt. This group will coordinate and control the process of debt offsetting and restructuring for energy companies. This was made possible after the adoption of a corresponding law in June 2005. Yuriy Prodan, the deputy minister of fuel and energy will head the group. The group?s creation marks the start of the debt offsetting process. Concorde Capital: The accumulated debt in energy companies exceeds 5% of Ukrainian GDP. The debt problem has pushed many energy companies to the edge of bankruptcy. As Yuriy Prodan is head of Natonal Energy Company (NC ECU) of Ukraine, we are sure that the companies controlled by NC ECU (four energy generation companies and 21 Oblenergos) will successfully solve their debt problems.