Sibur Becomes Amtel's Main Debtor
Sibur and a group of lenders represented by Alfa Group's investment division A1 have agreed to make Sibur the bankrupt Amtel's main debtor. “The group of lenders represented by A1 shall assign its rights of demand with regard to Amtel Group’s companies to Sibur,” an official statement released by Sibur reported. The deal is set to close before the end of June 2010.
The move sees Sibur become the principal lender to the Amtel Group. “As the parties believe, these agreements perfectly meet the objectives of Amtel lenders, who want to prevent from division of the companies’ property complex and to active growth of the Group,” the statement concluded.
Sibur’s earlier Amtel negotiations were reportedly derailed by the financial crisis and when a subsequent deal for Sibur to acquire Amtel’s debt failed to gain approval from Sberbank.