Tax authority: If Rompetrol does not repay the debt in full, we'll resort to foreclosure

The Kazakhs at Rompetrol Rafinare (RRC), the company that owns the Petromidia refinery opted to pay the 571 million euro debt in cash when they made the first partial payment of 54 million euros in August, says Sorin Blejnar, chairman of the National Fiscal Administration Agency (ANAF).

"Rompetrol could have converted the bonds into shares but has already made a payment thus opting for repurchase in full, therefore it may no longer choose conversion into shares, our legal experts say. Unless the company pays the rest of the debt, we'll move on to foreclosure," Sorin Blejnar told ZF.
At the end of last week ANAF seized the assets of Rompetrol Rafinare to prevent them from being sold.
Rompetrol Rafinare has 517 million euros in bonds to repurchase by the end of September, but the representatives of the Rompetrol group said at the end of August that they did not have the necessary cash and would choose converting these bonds into shares instead. Rompetrol lawyers say that the bonds may be repurchased only in part, so that the rest could be swapped for shares.
If this goes to court, it may be the biggest commercial lawsuit in twenty years. Rompetrol has already retained three major law firms on the market, NNDKP (Nestor), Ţucă, Zbârcea şi Asociaţii and Muşat şi Asociaţii for legal representation in this case.