OREANDA-NEWS. December 31, 2010. JSC UAC held an extraordinary general shareholders meeting. The issue of a related party transaction was put under the UAC’s shareholders consideration.

JSC UAC shareholders made a decision to approve the related party transaction, i.e. the conclusion of the agreement between the Russian Federation, Vnesheconombank and JSC UAC on providing Government guarantees of the Russian Federation relating to bonded loan of JSC UAC.

The Government guarantee of the Russian Federation is provided to secure UAC’s bond obligations to pay par value of non-convertible interest-bearing bonds. Money raised through the bonded loan will be used to redeem the UAC’s and its subsidiaries’ debts in regard of the principal debt and interest. UAC and its subsidiaries had taken credits earlier from JSC Sberbank, JSC VTB Bank, Vneshekonombank to finance investment and main operation activities.