OREANDA-NEWS. June 23, 2010. Zaporizhyaoblenergo (UX: ZAON UK) shareholders, at an AGM on June 22, approved an agreement to restructure the company’s UAH 912.7 mln payables to Energorynok, Ukraine’s wholesale electricity market operator.

Concorde Capital: the major portion (73%) of these payables were already restructured in 2007, with a ten-year repayment period. Though details the new restructuring deal were not provided, we believe it will resemble the 2007 agreement and provide favorable terms like a two-year grace period and a 10-year repayment period. We view this news as moderately positive for the enterprise but do not expect the stock to react due to illiquidity.