print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all MOSENERGO (TGC-3) press releases

MOSENERGO (TGC-3)

June 23, 2003

AO MOSENERGO and the utilities department of the Russian Academy of Sciences (RAN) signed an agreement on debt restructuring

As a result of signing this agreement, AO MOSENERGO has resumed the supply of hot water to the RAN residential premises.

According to the agreement, RAN promises to fully pay debts owed to AO MOSENERGO for heat supplied last winter. As of today, RAN owes AO MOSEENRGO 6.9 mln rubles. Before July 1, RAN will redeem half of its debts and by August 1 the debt should be paid in full.

The agreement was signed after AO MOSENERGO refused to resume the hot water supply after summer maintenance. Earlier, the RAN utilities department stopped debt payments citing lack of funds. AO MOSENERGO repeatedly wrote to the management of the utilities department and RAN leaders requesting them to meet obligations and settle the debt problem. However, the deadlock persisted for a long time. The managers of the utilities department realized their responsibility for heating hundreds of RAN's apartments only after AO MOSENERGO applied radical measures. RAN has promptly found funds while relations with AO MOSENERGO were streamlined. The fact remains that radical measures are the only way to force debtors to comply with business standards.

In this light AO MOSENERGO views the position of residential departments of the Ministry of Defense and the Ministry of Nuclear Energy as unreasonable and irresponsible. The Ministry of Nuclear Energy owes AO MOSENERGO 19 mln rubles, while the debt of the Moscow Utilities Department (Leningrad District, MoD) amounts to 21 mln rubles. The debtors do not even try to resolve the debt problem rather risking people living in their premises without hot water. The responsibility for prompt resumption of hot water supply totally lies in the hands of these organizations.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer