Romania Fiscal Auth Says Rompetrol Must Fully Repay State Debt

Rompetrol already paid the state a first tranche of EUR54 million of its EUR570 million outstanding debt and called for a shareholders' meeting on September 30 to decide on whether to increase the company's share capital by up to EUR517 million to repay the entire debt.

"Having taken notice of the company's intention to buy back bond debt by making a partial payment, the Finance Ministry notified Rompetrol Rafinare that the payment was only a first tranche in view of buying back all bond debt by the due date on September 30," ANAF said in a statement.

"In addition, the ministry notified the company that once it has expressed its option to buy back bonds, it has to buy them all back, in accordance with the conversion agreement," it added.

On Friday, ANAF foreclosed several of Rompetrol's assets as a security until the company repays its debt to the state.

Rompetrol dismissed the measure as groundless and abusive and threatened to take the state before international courts.

The Netherlands-based Rompetrol Group owns nearly 99% of Rompetrol Rafinare.

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