The Italians Pay Promptly for YUKOS
OOO Enineftegaz, which belongs to Italian companies Eni and Enel and bought the second lot of YUKOS assets on Wednesday, paid the 151.5 billion rubles it bid for the property on the same day it won it at auction. YUKOS receiver Eduard Rebgun said that the funds may be distributed to creditors proportionally. If that is the case, state oil company Rosneft, one of the biggest YUKOS creditors, will receive 64 percent of the money paid by Enineftegaz, which will be enough for it to pay for the 9.44 percent of its own stock it bought as the first lot of YUKOS assets auctioned off.
Rosneft bought the 9.44-percent share of its own stock for 197.84 billion rubles on March 27 and has yet to pay for it. The company has given its assurances that it will do so within the legal deadline, that is, within 14 days. The company's 39.1-billion ruble deposit is already in the YUKOS account, so it owes 158.74 billion rubles still. If YUKOS does not divide up the money from the auction of the second lot in time, Rosneft will probably have pay with money ($22 billion) it borrowed from a pool of foreign banks for that purpose.
YUKOS total debt is 709 billion rubles, including fines. The principal debt is 412 billion rubles. Under the law “On Bankruptcy,” fines can only be paid after the principal of the debt is paid. Therefore, Rosneft is the biggest YUKOS creditor, owed 263 billion rubles. It is followed by the Federal Tax Service, with 133 billion rubles. The remainder of the money will be divided among almost 70 creditors.
www.kommersant.com
All the Article in Russian as of Apr. 06, 2007
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