Romanian government asks Rompetrol to fully repay debt

26 August 2010 16:01  [Source: ICIS news]

BUCHAREST (ICIS)--The Romanian government is demanding that oil refiner Rompetrol fully pays back a near-$600m (€474m) debt and has ruled out accepting a debt-for-equity swap for part of the total, the country’s finance minister told local press on Thursday.

The government wants Rompetrol pay its debts in full and is willing to extend the initial deadline for the payment beyond 30 September, Sebastian Vladescu said.

“We are open to negotiations but not to the idea of becoming a shareholder again, especially not a minority one,” Vladescu added.

Rompetrol said on Wednesday that it wants to pay as much as $100m by offering shares from the refiney in a debt-for-equity swap. Rompetrol posted a net loss of around $100m for the first half of 2010, according to company representatives.

To discuss issues facing the chemical industry go to ICIS connect 

By: Marian Chiriac
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly