26th Nov 2008 15:00
Urals Energy Public Company Limited
('Urals Energy' or the 'Company')
Update on Sberbank negotiations and non-core asset disposals
The Board of Urals Energy today provides a further update on its negotiations with Sberbank and progress towards its non-core asset disposals.
The Company remains fully engaged with Sberbank in a constructive dialogue regarding its loan facilities. While it remains the case that no formal extension has been granted, Sberbank has indicated that it does not currently intend to put the Company into default.
The Company is in negotiations with potential purchasers of certain of its non-core assets and it is still intended that these assets will be disposed by end Q1, 2009.
Further announcements will be made in due course.
26 November 2008
Enquiries:
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Pelham PR |
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Mark Antelme |
+44(0)20 3178 6242 / +44(0)752 5951 011 |
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Evgeniy Chuikov |
+44(0)20 3008 5506 / +44(0)7894 608 606 |
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