Rada To Prolong Energy Debts Offsetting Process

Yesterday Parliament approved in the first reading an amendment to the law on energy sector debt offsetting. The amendment postpones the deadline for the debt reconciliation process from Dec. 31, 2006 to Dec. 31, 2007. Alexander Paraschiy: We believe the law will be approved. In general, the news is positive, as during the action of this law, energy companies can reduce their payables and receivables, and are exempt from bankruptcy proceedings. On the other hand, the prolongation of the law means energy sector companies were slow in solving their debt problem in 2006.