Interpipe pipe and wheel company (Dnipro) at a meeting with the creditors in London on July 17 presented a preliminary plan for restructuring its liabilities worth $1.25 billion, Concorde Capital investment company has reported, with reference to a report by Reorg Research. The debtor, in particular, proposes to convert this debt into six-year eurobonds for $310 million with a coupon of 9.35% per annum, as well as two credit tranches of $45 million to Ukrainian banks and $45 million to international ones. The rest of the debt will be written off.
Eurobond holders and international banks will also receive securities, payments on which will be tied to Interpipe’s EBITDA. Ukrainian banks will not receive the relevant securities, at the same time they will have less debt forgiveness.
The terms of restructuring also imply imposing a $40 million fine on Interpipe if it allows non-payment under new eurobonds or loans to international banks.
Interpipe intends to pay creditors a substantial commission fee if the restructuring plan for liabilities is approved.
The adviser to the debtor is Stephenson Harwood (the UK), to the creditors Alvarez & Marsal and Allen & Overy (the UK).
T.B.Fruit, one of the largest processors of fruits and berries in Ukraine, plans in 2019-2020 to start the construction of the third plant for processing apples and berries in Poland with an estimated cost of more than EUR40 million. “We plan to build the third factory in Mazowieckie Voivodeship. We are now at the stage of designing production lines. There is already a ready-made construction project, a building permit has been obtained from state authorities. The planned start of construction is 2019-2020. The third plant will have a capacity of 3,000 tonnes of apples a day with the possibility of increasing up to 4,500 tonnes, and up to 700 tonnes of berries per day,” Director for Production at T.B.Fruit Oleh Mochaliuk told Interfax-Ukraine. Investments in the specified enterprise will roughly amount to more than EUR40 million.
According to Mochaliuk, T.B.Fruit owns two plants in Poland (the first was bought in 2010, the second one in 2012) with a total processing capacity of 3,000 tonnes of apples per day. In addition to apples, strawberry, raspberry, currants, cherry, aronia, red currants, gooseberry are processed at Polish plants. He said juice production and sales in the first half of 2018 decreased by 30-40% compared to the same period in 2017 due to a poor fruit harvest.
The Ukrainian Sea Ports Authority has signed an agreement with SC Complex Delta SRL (Romania) on carrying out operational dredging in the water areas of Izmail and Reni seaports following a tender conducted in then ProZorro electronic system of public procurement. “For the first time in the history of the Ukrainian Sea Ports Authority, Romanian companies came out for dredging tenders, and one of them won the tender. This indicates the quality of the procedure, its transparency and competitiveness. Now the winner company can mobilize the fleet and proceed with the work required to maintain navigational dimensions in Izmail and Reni,” head of the agency Raivis Veckagans said.
The administration said dredging will help improve the processing conditions of existing cargo flows and attract new ones, increase accepting ship and develop the business as a whole.
The cost of work under the contract will be about UAH 32 million. The total estimated volume of soil to be treated is 200,000 cubic meters, including up to 156,000 cubic meters in the water area of Izmail seaport, and up to 44,000 cubic meters in the water areas of Reni port. The planned time for dredging is not more than four months.
IBM Ukraine LLC, which is wholly owned by IBM Central and Eastern Europe, has won a tender called by NJSC Naftogaz Ukrainy to have its strategy for information technology developed. IBM Ukraine, with a bid of UAH 3.748 million (VAT included), defeated other bidders, namely Ernst & Young (E&Y) and PwC Polska, Naftogaz announced in the ProZorro e-procurement system. The services must be provided by December 31, 2018.
The goal is to determine the level of IT maturity and ensure maximum efficiency from investments in IT. As a result, the target operating model of the company’s IT and the development roadmap should be developed, including a portfolio of projects, the necessary resources and portfolio management processes.
The IT analysis should be carried out for Naftogaz and its subsidiaries, namely Ukrtransgaz, Ukrgazvydobuvannya, Ukrtransnafta, Ukrspetstransgaz, Chornomornaftogaz, and Ukravtogaz.
Naftogaz Ukrainy unites the largest oil and gas producing enterprises of the country. It is a monopolist in transit and storage of natural gas in underground storage facilities, as well as transportation of crude oil by pipelines throughout the country.
GAS, IBM, INFORMATION TECHNOLOGY, OIL, PRODUCING COMPANY, TENDER
The insurance companies of Ukraine, the members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), in January-June 2018 increased collection of insurance premiums on compulsory insurance of vehicle owners’ civil liability (OSAGO) by 20.9% compared with the same period in 2017, to UAH 2.183 billion.
According to the MTIBU’s website, the number of OSAGO contracts for the six months increased by 4.4%, to 3.905 million. The total volume of insurance claim fees paid under internal insurance contracts, according to the MTIBU, increased by 16.2%, to UAH 1.066 billion. In particular UAH 158.2 million were paid using EU accident report forms, which is 44.1% more than in January-June 2017.
The bureau also recorded a reduction in the number of settled claims for insurance compensation – by 0.4%, to 67,700, of which 17,832 using EU accident report forms (an increase of 16.5%).
The MTIBU is the only association of insurers that carry out compulsory insurance of civil liability of land vehicles’ owners for harm caused to third parties. The members of the bureau are 56 insurance companies.
