OREANDA-NEWS. November 20, 2007. The largest thermal power generating company in Ukraine, Dneproenergo, has repaid its debt to its creditors totaling UAH 927.8 m, UNIAN was informed at the Company’s Press-Service.

“Today, the debts have been finally redeemed within the framework of the amicable agreement signed by OJSC Dneproenergo and the company’s creditors earlier”, the message says.

Among the main creditors which received monetary funds under the terms and conditions of the amicable agreement are the State Material Reserve Committee (more than UAH 500 m), the Ministry of Finance (around UAH 150 m) and NJSC Naftogaz Ukrainy (more than UAH 46 m).

It was also informed that in addition to the debt to creditors, the restructured tax debt is subject to repayment according to the debt repayment register.

“Thus, as of today, the investors have fulfilled their obligations in full – the debt to creditors has been repaid, including the debt to the state. The debts have been repaid without debt restructuring, with monetary funds, in full, and in compliance with the requirements of the law of Ukraine in force. The enterprise has completely recovered its solvency and is not subject to a bankruptcy procedure anymore”, the Press-Service quoted the words of the Dneproenergo Rehabilitation Manager, Dmitry TEVELEV.

As UNIAN informed, on September 13, Dneproenergo OJSC (Zaporozhye) and Investment Company, which had been founded by Pavlogradugol OJSC and Komsomolets Donbassa mine OJSC incorporated into DTEK, signed an investment agreement within the framework of the new generating company’s rehabilitation plan.

The agreement provided for an Investment Company’s transfer of UAH 1 billion and 51 m to Dneproenergo OJSC which would be allocated for the repayment of the current payables of the generating company within the framework of the rehabilitation procedure.

In September, the opening debt of Dneproenergo to creditors equated to around UAH 954 m. The main creditors were the Ministry of Finance, the State Material Reserve Committee and the Levoberezhnaya Tax Inspectorate of Zaporozhye. Dneproenergo’s debt to Komsomolets Donbassa mine was UAH 7 m and to Pavlogradugol – UAH 460 thou.