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We have reached an agreement on restructuring the debt of RAO ES East and Amurmetal - EastRussia | Far East

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We have reached an agreement on the restructuring of the debt of RAO ES of the East and Amurmetal

The settlement agreement for the restructuring of the plant's debt for the electricity supplied was made by PJSC RAO ES Vostoka (part of the RusHydro group) and Amurmetall OJSC (Komsomolsk-on-Amur, the only ferrous metallurgy enterprise in the Far East)

We have reached an agreement on the restructuring of the debt of RAO ES of the East and Amurmetal
According to the press service of the energy holding, the parties agreed on the conditions for phased repayment of the plant’s debt to the electricity supplier. According to the document, the parties recognize the continuation of the contractual relationship on energy supply under the existing contract.

"Thus, PJSC" DEK "(part of the holding" RAO ES of the East ") will continue to supply electricity to the enterprise, while maintaining the conditions for normal production activities. OAO Amurmetal undertakes to timely pay for current electricity consumption, and also agreed to a phased repayment of the debt for March-April. In October, "Amurmetal" should pay off the balance of debt for this period, as well as debts for January-February, "the report said.

"RAO ES of the East" 6 June announced that it had given the plant 14 days to prepare and conclude a restructuring agreement. Otherwise, RAO ES of the East was ready to terminate the electricity supply contract with the metal plant in connection with the debt of more than 325 million rubles.

The management of RAO ES of the East repeatedly offered the bankrupt factory a series of measures to liquidate the debt, but the reciprocal steps of the bankruptcy trustee, creditors and potential buyers did not follow.

The payment situation of JSC Amurmetall, which has been going through bankruptcy procedures since October 2013, began to deteriorate in December last year, when the power industry lost less than 70 million rubles for the energy consumed. Amurmetal continued to accumulate receivables during 2016, with the result that by June 1 its level will exceed 325 million rubles.

OJSC Amurmetal in 2015 reduced steel production by 14,9% compared to the level of 2014 year - to 538 thousand tons, increased net loss under RAS by 75% to 3,603 billion rubles. Accounts payable increased from 30,968 billion rubles to 33,498 billion rubles, accounts receivable - decreased by 49%, to 614,953 million rubles.

The Amurmetal creditors register as of 1 in April, 2015 of the year consisted of 262 companies and individuals, the total amount of debt - 26,393 billion rubles. Among the major lenders are Vnesheconombank, Sberbank, Gazprombank and Raiffeisenbank, Interfax notes.

"RAO ES of the East" manages the electric power industry of the Far East. The main shareholder is PJSC RusHydro.