OREANDA-NEWS. According to financial sevices provider Millenium Capital, a last-ditch attempt by the State Reserve Fund of Ukraine to sell the debts of energy companies Centrenergo (CEEN UZ USD4.04 UR) and KharkivOblenergo (HAON UZ USD1.86 N/R) in kind is being made before the elections. The auction is scheduled for  September  27, 2007 with final bids accepted on September 25. Last time, attempts in July by the State Reserve to conduct auctions of HAON's debt attracted no bids as it was unclear whether this auction was legal.

As an appellate court confirmed in August that the State Reserve had no right to conduct such an auction, we do not expect crowds of investors for this new one as its legal status could be challenged as well. SCM-related companies might show some up though, as CEEN is known to be of interest to this group.