Court introduces supervision at SIBUR

The arbitration court of the Yamalo-Nenetsk autonomous region of Russia has conducted preliminary hearings on the bankruptcy of SIBUR today and introduced supervision regulations at this subsidiary of the Russian gas monopolist Gazprom. In addition, the court appointed a trustee-in-bankruptcy at SIBUR. The main hearings on this case will be held on April 26, 2002.

As we reported earlier, the bankruptcy of SIBUR was initiated by Gazprom. Gazprom's Deputy CEO Alexander Ryazanov was quoted as saying earlier that the bankruptcy procedure was the only possibility for Gazprom to retrieve its assets from this subsidiary. The debt of SIBUR to Gazprom was estimated at RUR 29bn (about $934m according to the current exchange rate).

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