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Krymenergo to restructure its overdue debt

Krymenergo to restructure its overdue debt

19 November 2008

Electricity distribution company Krymenergo (KREN) has scheduled an EGM for December 25, 2008, to consider restructuring of the company’s overdue debt to Energorynok. According to the wholesale electricity operator, Krymenergo owes it UAH 1.04 bln (about USD 180 mln). Alexander Paraschiy: This news is positive for Krymenergo, one of the Oblenergos that we considered subject to bankruptcy risk due to its large indebtedness (refer to our Oblenergo note of Nov. 6, 2008). The company would have not scheduled the upcoming EGM to approve restructuring without an agreement from Energorynok – now the company’s bankruptcy risk is much smaller.

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