The Kazakhs at Rompetrol Rafinare (RRC), the company that ownsthe Petromidia refinery opted to pay the 571 million euro debt incash when they made the first partial payment of 54 million eurosin August, says Sorin Blejnar, chairman of the National FiscalAdministration Agency (ANAF).
"Rompetrol could have converted the bonds into shares but hasalready made a payment thus opting for repurchase in full,therefore it may no longer choose conversion into shares, our legalexperts say. Unless the company pays the rest of the debt, we'llmove on to foreclosure," Sorin Blejnar told ZF.
At the end of last week ANAF seized the assets of RompetrolRafinare to prevent them from being sold.
Rompetrol Rafinare has 517 million euros in bonds to repurchase bythe end of September, but the representatives of the Rompetrolgroup said at the end of August that they did not have thenecessary cash and would choose converting these bonds into sharesinstead. Rompetrol lawyers say that the bonds may be repurchasedonly in part, so that the rest could be swapped for shares.
If this goes to court, it may be the biggest commercial lawsuit intwenty years. Rompetrol has already retained three major law firmson the market, NNDKP (Nestor), Ţucă, Zbârcea şi Asociaţii and Muşatşi Asociaţii for legal representation in this case.
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