OREANDA-NEWS. October 29, 2010. Irkutskenergo sent the bankruptcy notice on JSC Usoliehimprom, the operating activity of which has been decreasing gradually for almost a year, to the Commercial Court of the Irkutsk region. The heat, energy and hot water consumption volumes started to decrease significantly on October 6. Currently the debt of JSC Usoliehimprom (member of Nitol group) for the resources provided since the beginning of the year totals RUR 500 mln. JSC Usoliehimprom can pay the debt during 30 days since the notice; otherwise the bankruptcy procedure will be initiated.

OJSC Irkutskenergo and JSC Irkutskaya Energosbytovaya Kompaniya performed all the required procedures in compliance with the Russian laws concerning the debtors, from the limitation notice to the implementation of emergency equipment protection. The information on the power outage was sent to the Ministry of Emergency Situations of Russia, local government and prosecutor’s office. The management of JSC Usoliehimprom was notified on the need of taking measures on chemically hazardous substances’ evacuation in May 2009.

Evgeny Fedorov, CEO of OJSC Irkutskenergo: “We are interested in the stable work of the organizations, consumption of power that we provide and their stable payments for it. The debt of JSC Usoliehimprom emerged for the last 6 months. Following the requests of organization’s management and the regional government the maturity date was repeatedly extended. We were making concessions understanding the mutual need in production and jobs preservation. However, upon reaching another maturity date the debt wasn’t repaid yet again. As a result, OJSC Irkutskenergo and JSC Irkutskenergosbyt ceased the power supply for all power generation facilities excluding the facilities providing the environmental safety of this production in compliance with the existing legislation. The power outage is an extreme measure applicable only in extreme cases. We are prepared to reinitiate the supply after the debt repayment”.