19 May 2004 04:33
Yukos receives notice of potential event of default (part 2)
MOSCOW. May 19 (Interfax) - Yukos Oil Company has received a notice related to a $1.6 billion pre-export facility
secured term loan that it was considered by the lender that a Potential Event of Default has occurred, the company said
in a press release on Wednesday.
"The lender under the loan has approved that Yukos and associated companies continue their export trading
activities related to the loan without restriction, but it may exercise its rights with respect to certain bank accounts
over which security has been granted in its favor at its discretion in the future," the press release said.
The Potential Event of Default notice relates primarily to a tax claim for 99,375,538,234 rubles filed against Yukos
on 14 April 2004, and an order granted by the Moscow Arbitration Court dated 15 April 2004 prohibiting Yukos from
disposing of or encumbering its assets, not involved in the core business of the company.
Yukos had received a similar notice earlier from the lenders under its $1 billion syndicated pre-export facility
secured term loan. The $1.6 billion facility has virtually identical terms and conditions as the $1 billion
facility.
In October 2003 Yukos received a credit of $1.6 billion from SG Corporate and Investment Banking, secured by export
revenue. Menatep Group provided financial support for this deal. [RU EUROPE ASIA EEU EMRG ENR CRU LOA] rd <>
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