Pravda.ru

News » Economics

RAO UES to prevent bankruptcy of Kamchatka branch

05.06.2002 | Source:

Pravda.Ru

 

The Russian energy giant RAO UES is going to try to prevent the bankruptcy of Kamchatskenergo, its branch in the Kamchatka region of Russia, the RAO UES information department reported to RBC. The source explained that Woodbridge Trading Ltd. (Britain) had purchased debt obligations of Kamchatskenergo for a total of $85.9m for oil supplied in 1996-1998. The British company insists on the repayment of the debt with interests for a total of more than $108.2m.

On May 17, 2002, the Kamchatka regional court supported the decision of the London International Arbitration Court. It ruled in favor of Woodbridge Trading Ltd. and obliged the local energy company to repay the debt.

A source in RAO UES noted that the decision of the Kamchatka court contradicted the basic principles of Russian legislation. The source stressed that demands of Woodbridge Trading Ltd. threatened to lead to the bankruptcy of Kamchatskenergo.

Visit to

&to=http://www.rao-ees.ru/en/' target=_blank>RAO-EES

 

Popular photos

Most popular

Russian MiG-31 shoot down cruise missile in stratosphere
Russian MiG-31 shoot down cruise missile in stratosphere
The missile was launched from the water area of the Sea of Okhotsk. It was flying at an altitude of more than 12 kilometers at a speed three times the speed of sound
Ukraine collapses officially: Donetsk and Luhansk republics create their own state
Ukraine collapses officially: Donetsk and Luhansk republics create their own state
The head of the People's Republic of Donetsk, Alexander Zakharchenko, announced the decision of the People's Republics of Donetsk and Luhansk to create a new state - Malorossiya
Рейтинг@Mail.ru Rambler_s_Top100_Service