23 June 2010
Zaporizhyaoblenergo (UX: ZAON UK) shareholders, at an AGM on June 22, approved an agreement to restructure the company’s UAH 912.7 mln payables to Energorynok, Ukraine’s wholesale electricity market operator, Interfax reported yesterday. Yegor Samusenko: The major portion (73%) of these payables were already restructured in 2007, with a ten-year repayment period. Though details the new restructuring deal were not provided, we believe it will resemble the 2007 agreement and provide favorable terms like a two-year grace period and a 10-year repayment period. We view this news as moderately positive for the enterprise but do not expect the stock to react due to illiquidity.