Today the Board of Directors of the Siberian and Urals PetrochemicalCompany (Sibur) approved a settlement agreement. As the press service ofthe company reported, according to the settlement agreement, Sibur's debtwill be repaid in installments for eight years beginning with the date thisagreement comes into force. Additionally, the amount of the restructureddebt will be calculated with interest equal to a half of the refinancingrate of the Russian Central Bank. At the same time, for two years thecompany will pay neither interest nor principal. The repayment of principaland interest starts with the third year and will take place on a quarterlybasis according to the schedule. If Sibur has sufficient financialresources, it may settle all its liabilities in advance. The settlement agreement will come into force from the moment it isapproved by the Arbitration Court of the Yamal-Nenets Autonomous Region.Deputy Head of the Legal Department of Gazprom Mikhail Sirotkin was electedat the Board of Directors' meeting as the authorized representative of thecompany's creditors and was commissioned to sign the agreement. 98.6percent of the company's creditors on the register participated in theBoard meeting. According to the list of the creditors' requirements,Sibur's debt is over RUR27bn (around $857m). .
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