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MOSENERGO (TGC-3)

August 26, 2002

AO MOSENERGO has signed an agreement with FGUP Scientific Research Institute Geodesia to restructure the 1994-2002 debt

After lengthy negotiations between AO MOSENERGO and the Geodesia Institute, as well as the Russian Agency for Ammunition, all parties managed to agree upon the deadlines for the Institute's debt payments. Under the agreement, before February 2004, Geodesia Institute will fully redeem debts owed to AO MOSENERGO, which currently amounts to 40,256,000 rubles and pay promptly for current power consumption.

Geodesia is a major AO MOSENERGO customer. In recent years, the company often violated deadlines for paying for consumed power. Despite the piling debt, Geodesia had not taken any steps to redeem it. AO MOSENERGO's attempts to settle the problem through negotiations had not produced any solutions either. As a result, on July 31, AO MOSENERGO suspended the power supply to the Institute and resumed it only after August 21, after the debt restructuring agreement was signed.

AO MOSENERGO expressed hope that in the future Geodesia will carry out payments within time limits that have been established in the debt restructuring agreement.

 

 

 

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