Replies to post #235846 on Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

Yukos says banks warned about possible default on $1 bln loan

MOSCOW, April 26 (Prime-Tass) -- Russia’s oil major Yukos received a letter, dated April 23, from banks participating in a syndicated loan worth U.S. $1 billion, warning of a possible default, Yukos’ press service said Monday. The banks cited Russia’s Tax Ministry’s tax claim of 99.38 billion rubles as the reason for the issued warning, the press service said. On April 16, the Moscow Arbitration Court forbade Yukos from disposing of any its property, including shares, to meet the demands of the Ministry for tax payments.

Last week, Standard&Poor’s rating agency lowered Yukos’ long-term corporate credit rating to CCC from BB-. Yukos signed the loan agreement with Citigroup, Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC, ING and SG Corporate and Investment Banking (SG CIB) on September 24. The pre-export facility secured term loan was split into 2 tranches, a 3-year tranche and a 5-year tranche, and secured by proceeds from crude oil supplies.