BELGRADE (Serbia), August 16 (SeeNews) – A commercial court in the Serbian town of Pancevo has approved the debt restructuring plan of petrochemicals producer HIP Petrohemija, local media reported.
A total of 52.3% of the debt of Petrohemija will be converted into capital, while 47.7% will be written off, public broadcaster RTS quoted on Wednesday the managing director of the company, Velimir Unkovic, as saying.
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After the execution of the plan, a total of 76% of HIP Petrohemija's capital will be in the hands of the Serbian government, while 24% will be owned by oil and gas company NIS [BEL:NIIS] and Russian company Lukoil, Unkovic said.
In June, Serbian energy minister Aleksandar Antic said the government has paid in full the debt owed by state-owned gas monopoly Srbijagas and petrochemicals producer HIP Petrohemija to YugoRosGaz, Gazprom Export and NIS worth $450 million (384 million euro) and 250 million euro, respectively.
Serbia invited expressions of interest in the privatisation of chemicals group MSK Kikinda, HIP Petrohemija and chemical fertiliser producer HIP Azotara Pancevo in March.
($ = 0.854562 euro)