The court in Amsterdam imposed restrictions on DTEK Energy at the claim of Sberbank of the Russian Federation for $45.1 million

On September 18, the Amsterdam District Court, upon the demand of Sberbank of the Russian Federation against DTEK Energy B.V for the payment of approximately $45.1 million, introduced interim measures due to some of its assets in the Netherlands, Interfax-Ukraine reports.

DTEK Energy denies their impact on current coal mining and power generation activities and declares its intention to continue negotiations on restructuring.

“The company intends to use all legal rights and remedies available to it to challenge the claim. It also intends to continue discussions with the lender, together with affiliates, on the restructuring of the debt under the loan agreement and in relation to it,” said in a statement on the Irish Stock Exchange.

According to it, the matter concerns Sberbank of the Russian Federation filing a claim for payment under a guarantee agreement due to payment obligations of certain DTEK Energy affiliates in accordance with the loan agreement concluded between these affiliates and the creditor.

In a press release on Monday DTEK Energy specified that it is in dialogue with creditors together with Obukhovskaya Mine (Russia) on the terms of long-term loan restructuring.

According to CEO of the company Dmytro Sakharuk, today the energy sector in many countries of the world is still being affected by the COVID 19 pandemic: energy consumption has not recovered in previous volumes, the price decline for raw materials has not been completely overcome.

“The situation in Ukraine has also been aggravated by the local crisis in the industry. Under these conditions, the company is taking a number of measures to stabilize the situation and maintain the continuity of production processes, as well as to find a solution to long-term debt restructuring. We understand that creditors in such a situation use all possible methods to protect their interests,” he said.

The company also stressed that it continues to work smoothly and is carrying out planned preparations for the 2020/2021 heating season.

Tags: DTEK, contracts, coal mining, court, legislation, electricity, EU, coal, energy market, коронавирус, ETL, RF, electricity market, foreign affairs, debt, coal mining, negotiations, price, agreement, infrastructure, energy sector, coal mine, quarantine, pandemic, COVID-19, generation, crisis, economy, market, electricity consumption, supplier, coal market

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