OREANDA-NEWS. October 17, 2007. Dniproenergo published a press release titled Court Draws a Line Under Dniproenergo Bankruptcy Case.

The press-release informs:

“The Economic Court of Zaporozhye region determined to approve Amicable Agreement that provides for paying off all debts of Dniproenergo, which had been in the process of bankruptcy since 2001, to registered creditors. The court session confirmed that investors had transferred funds at amount of UAH 1.052 bn to rehabilitation account of Dniproenergo to pay off debts to creditors.

The funds to settle accounts with creditors were received from Investors including two Ukrainian coal mining companies Pavlogradugol and Komsomolets Donbassa Mine. In addition, the Investors pledged to provide UAH 1.01 bn to reconstruct and modernize fixed assets of Dniproenergo as well as carry out social programs at electricity generating company.

The amicable agreement was provisionally approved by committee of creditors of Dniproenergo and agreed with appropriate state agencies and authorities.

The court also determined to close the case regarding bankruptcy of the energy enterprise.

“The economic court of Zaporozhye Region drew a line in the many-year bankruptcy procedure of Dniproenergo. This decision will help maintain integrity of strategically important facility in domestic energy market as well as create legal and financial conditions for its further development. The state will both repay debts the company has accumulated for many years and restore governance that has been considerably limited for six years of bankruptcy”, said Head of Rehabilitation Process at Dniproenergo Dmitriy Tevyelev