On August 6, 2004 YUKOS received a note from an agent bank for pre-export loan on $1.6 billion.
The bank notified YUKOS on default on the loan because of the events unfolding around YUKOS, their influence on the company’s business and assets. On July 5 the consortium of the banks-creditors – organizers of the syndicated loan on $1 billion, which includes Societe Generale, Citigroup, Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING, notified YUKOS on default. In addition, in October 2003 YUKOS borrowed $1.6 billion loan, and the bank-organizer for it was SG Corporate and Investment Banking.
In its second note, the agent bank for the $1.6 billion loan stated that because of the announced default the loan must be paid in accordance with the requirements of the agent bank.
Previously, the spokesman for Group Menatep Yury Kotler said in a RIA-Novosti interview that Group Menatep is not going to announce default for YUKOS’ $1,6 billion loan, and stated that Menatep was going to prevent YUKOS from bankruptcy.
Today Group Menatep is not only the major shareholder for YUKOS, but also its major creditor. The creditors borrowed money to YUKOS using the export oil deals, along with the property of YUKOS oil-drilling businesses – Yuganskneftegas, Samaraneftegas and Tomskneft-BNK as the collateral. The creditors own a privilege for taking over the property if the company fails to fulfill its obligations on paying back the loans. In other words, YUKOS’s shareholders are likely to have intentions to make their own company a bankrupt to take over the collateral – the bulk of YUKOS concern assets. One of the experts, executive director for Prosperity Management Ivan Mazalov, does not agree that this is going to happen. Mr. Mazalov believes that the current situation has little difference with the past time when YUKOS was issued a warning by creditors, on changing the schedule of payments as the risk of default had been increased.
Source: Russian media