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Kievenergo To Pay Off Debts For Gas Supply By The End Of 2005.

Kievenergo To Pay Off Debts For Gas Supply By The End Of 2005.

24 October 2008

The CEO of Kievenergo (KIEN: BUY) confirmed the company’s term and method of debt repayment to the gas companies: Gas Ukrainy, Kyivgas and Kyivtransgas. KIEN owes about USD 17.8 mln to these companies. The main source of repayment will be compensation certificates for depreciated savings in Sberbank from the former USSR. Concorde Capital: KIEN is one of the largest gas consumers in Ukraine, but its payments for gas are very sensitive consumer payments for electricity. Using compensation certificates for the depreciated savings is not a very liquid way of payment, and it is a plus for KIEN that the gas companies agreed to take them as payment for the company?s debts. 

 

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