Shareholders of GT TETS Energo urge bondholders to support debt restructuring

Shareholders of OAO GT TETS Energo have approached bondholders asking them to support a 7-year debt restructuring plan. Sberbank did not accept the restructuring plan and introduced external management in the framework of bankruptcy proceedings, which usually results in liquidation of the enterprise and closure of the project. Shareholders addressed German Gref, head of the board of Sberbank, in a letter urging him to influence the situation and consider an out-of-court settlement, but got no reply. The company insists on a creditors’ meeting in order to settle the matter out of the court. In November 2009 the company filed for bankruptcy with the Moscow Arbitration Court.

• Full name
  Open joint stock company GT TETS Energo
• Registration country
  Russia
• Industry
  Power