TNK-BP to Meet with Western Lenders to Have Corporate Reconstruction Approved on September 24
07 Sep 2004
On September 24, top management of TNK-BP, a Russo-British petroleum company, intends to meet with its Western lenders on September 24, in order to coordinate TNK-BP's reconstruction and re-registration in the Tyumen Region, which is carried out by the petroleum company. In the letter of TNK International Limited to holders of Eurobonds of Tyumen Oil Company (TNK), the text of which is available to Petroleum Information Agency, the company requests its lenders to approve of TNK-BP's reconstruction and to make the appropriate amendments to facility agreements. In addition, as a spokesperson of TNK-BP reported to Petroleum Information Agency, the company is working on coordination of the reconstruction with interested ministries and regional authorities. "Such letters were mailed in August, but the company has not received any notices from them yet," the Agency's interlocutor said. As reported earlier, late in June, TNK-BP announced its corporate reconstruction plan based on establishment of a holding registered in Russia, which will become the major profit center for TNK-BP. The working name of the holding is New Russian Holding (NRH). According to the company's President Robert Dudley, the main purposes of reconstruction will be streamlining of the company's corporate structure, in particular, reduction in the number of legal entities making part of TNK-BP's corporate structure (they are almost 600 now); consolidation of stakes of minority shareholders of companies making part of TNK-BP; and improved transparency and efficiency of TNK-BP's corporate governance transparency and efficiency. Robert Dudley noted that TNK-BP had to obtain consent of the Russian Government, regional authorities and TNK-BP's lenders to reconstruction. The company's President said that, by the end of the year, TNK-BP's top management hoped to finalize corporate evaluation, with engagement of independent advisors (White & Case will ensure legal support; PriceWaterhouseCoopers will provide tax advice; Deloitte will perform official asset evaluation; De Golyer & MacNaughcon will determine the amount of reserves and the estimated output level for assessment), and to make an offer to minority shareholders. TNK's Eurobonds guaranteed by TNK International Limited were placed in 2002 by two tranches - the first is worth of $400 million, with a 11% yield, and the second one is worth of $300 million, with a 9.46% yield p.a. TNK International is a holding company that holds 97% in Tyumen Oil Company, 91% in ONACO Oil Company and 29% in RUSIA Petroleum OJSC (a mineral user of a major Kovykta gas and condensate field in the Irkutsk Region). ยะ and TNK's shareholders (Alfa Group and Access/Renova, AAR), holding 97% in the company signed an agreement for establishment of TNK-BP in February 2003. AAR contributed its stakes in TNK International and SIDANCO, stakes in RUSIA Petroleum, and a gas field developed by Rospan in West Siberia in the new company. ยะ transferred its stake in SIDANCO, RUSIA Petroleum and a stake in the Moscow-based chain of trademark retail filling stations. On August 29, ยะ and AAR announced finalization of the transaction for establishment of TNK-BP consolidated company. Later on, 50% in Slavneft Oil and Gas Company held by Russian shareholders of TNK-BP were included into the consolidated company. Source: INTERFAX
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