RusEnergy

Oct. 03, 2006 Kommersant -D. Rebrov, N. Grib, O. Pleshanova - Rosneft asked Deutsche Bank and some other Western banks for a loan of $15-20 billion. Rosneft might need these funds in early 2007 to buy the property of YUKOS. If Rosneft succeeds in obtaining the loan, it might limit the possibilities to get loans in 2007 for other Russian companies. Rosneft began talks to attract funds with all of its major Western creditor banks. The money will be used to purchase YUKOS assets. The property of YUKOS, which was found bankrupt, is to be sold at auction before August 2007. Rosneft wants most of these assets which will cost $15-20 billion.
YUKOS bankruptcy commissioner Eduard Rebgun announced competition among appraisers. The winner will be chosen on October 13. The law does not set strict deadlines for appraising and for the auction itself. One appraiser company might need more than a year for YUKOS.
Rosneft First Vice President Nikolai Borisenko confirmed the company is interested in YUKOS assets, and said Rosneft will have to resort to loans. MDM-bank analyst Andrey Gromadin said the assets are worth some $20-23 billion. Alfa-bank analyst Konstantin Batunin estimates the assets at some $15 billion.
Meanwhile, analysts say that if Rosneft obtains $20 billion, it will greatly limit the chances not only of this company, but of other Russian companies as well, to obtain another loan. “Foreign banks have total limits for Russia. All Russian companies usually borrow around $20 billion a year. Extra $10 billion can be borrowed from Russia’s banks,” said Pavel Mamai, analyst of Renaissance Capital investment company. Thus, selling YUKOS next year will practically end other large deals of Russian companies.
The law on bankruptcy allows other scenarios for YUKOS, besides selling it. For instance, it might be acquired by a new investor who pays all the company’s debts, or by signing amicable agreement between YUKOS and creditors. This can be done anytime during the appraiser contest, and then the bankruptcy case will be terminated.