OREANDA-NEWS. July 29, 2009. The auction is held for the purpose of execution of the decision on re-structuring the Company's short-term credits, and attraction of long-term borrowed funds.

IDGC of North-West on 18 August will hold a public auction for the right to conclude contracts for rendering financial services on opening renewed credit lines and on security of crediting for a total amount of RUR 4 billion.

The auction is held on 8 lots for the purpose of execution of the decision on re-structuring short-term credits of IDGC of North-West, attraction of long-term borrowed funds at least till 2011. Thus, the volume of the loan debts at the end of 2009 will not increase.

The goal of the involved long-term credits is updating of circulating assets (including repair of energy equipment).