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Kazakhs Paid Only 10% Of Romanian Petromidia’s Debt To The State – ZF

Romanian Rompetrol Rafinare (RRC.RO), the owner of Petromidia refinery controlled by Kazakh KazMunayGas, paid so far less than 10% of the EUR570 million loan falling due at the end of September, while the rest of the sum might be converted into shares, to settle the rest of the debt.
Kazakhs Paid Only 10% Of Romanian Petromidia's Debt To The State - ZF
19 aug. 2010, 12:19, English

However, the value of these shares diminishes quarter by quarter, due to losses.

„The problem with the Rompetrol Rafinare bonds, a deal made by Dinu Patriciu seven years ago, who went on to become a billionaire after selling the entire Rompetrol group to the Kazakhs, could spark the biggest lawsuit in Romania’s corporate history; the main issue now is the interpretation of the ordinance whereby Petromidia’s long-standing debts were converted into bonds made out to the state,” business newspaper Ziarul Financiar writes in its Thursday edition.

No information had been possible to obtain about the lawyers representing the Romanian state in the case by the time the story was ready for print, the newspapare says.

The government revealed at the beginning of the year it expected to collect EUR570 million from Rompetrol.

Newspaper website: www.zf.ro