OREANDA-NEWS  On 20 October Integra Group (LSE:INTE), a leading Russian independent provider of onshore oilfield services and manufacturer of oilfield services equipment, announced that it had paid down USD  40 million of its short term debt with Amsterdam Trade Bank (“ATB”).

Integra Group and ATB have also signed an agreement to extend the maturity of the remaining USD 40 million of the original USD  80 million loan facility for two months. ATB and Integra Group continue negotiations on further extension of this loan facility which will be subject to debt market conditions. Cash resources have been reserved by Integra should these negotiations produce no acceptable outcome.
 
Following the repayment of the ATB loan, Integra Group’s consolidated cash balance is estimated at USD 110 million as of October 15, 2008. With USD 111 million of short term debt maturing before December 31, 2008 (including the remainder of ATB facility), management of Integra does not expect any liquidity difficulties during this period as cash generation remains solid in the third and fourth quarters driven by seasonal factors.

Integra Group is currently in advanced negotiations regarding its refinancing options for its debt maturing in 2009.