Sibur Creditors Ask Court To Extend Pay Off Period

A Gazprom led group of Sibur's creditors have asked a court to extend for a year the external management at Russia's biggest petrochemicals producer, giving the company more time to pay off its debts. Gazprom, Sibur's majority owner and biggest creditor, initiated bankruptcy proceedings to recoup twenty nine billion rubles ($922 million) it says that the unit owes it for gas supplies. Sibur also owes debts to Alfa Bank, MDM Bank and Yukos Oil, Russia's second largest oil producer, Russian newspapers have reported. “The creditors committee will be recommending to the court on April 26 that the company's external management be extended for a twelve month period,” said Sibur spokeswoman Irina Gan. She declined to state the company's total debts. “The creditors will ask the court to retain external manager Mikhail Fomenkov.” In March a Siberian regional court appointed Fomenkov to manage the Sibur group. Gazprom, which accounts for an eighth of Russia's economy, is trying to regain units and assets it let slip under the former Chief Executive Rem Vyakhirev, who was fired by President Vladimir Putin in May 2001.

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