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  «Vremya I dengi»,  

“Kazanorgsintez” shareholders approved receipt of credit facilities from Sberbank

  The shareholders of OJSC “Kazanorgsintez” approved the agreement on opening of a credit line between the company and Sberbank and a loan agreement between “Kazanorgsintez” and “TAIF” Group.

Under these agreements Sberbank provides loans to the company to enable it to pay off its debts, “Tatar-inform” reported.

Just to remind, the issue of provision of a new credit to “Kazanorgsintez ” by Russian banks for the purpose of paying off its debts used to arise since the middle of 2009. In July 2009 Senior Vice-Premier of Russian Government Mr. Igor Shuvalov announced a possibility of providing the enterprise with state guarantees up to RUB 15 mln. in respect to the credit facility. At the end of October Russian Government approved state guarantees to the amount of 10 bln. directly for “Kazanorgsintez ” and 7,5 bln. more for PSC “TAIF” which is the principle shareholder of the enterprise. These guarantees were aimed to draw in total RUB 35 bln. of credit facility from Sberbank. At the moment, the company’s consolidated debt is over RUB 30 bln.

At the extraordinary meeting, the shareholders of “Kazanorgsintez” adopted a decision to approve the agreements on credit facility with Sberbank as well as the loan agreement with PSC “TAIF”. Also the shareholders agreed to transfer the company’s property as collateral to secure the liabilities of “Kazanorgsintez” and PSC “TAIF” to Sberbank.


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