10 Dec 2010 18:11

AK Sibur shareholders to address liquidation on Jan 21

MOSCOW. Dec 10 (Interfax) - The board of directors at OJSC AK Sibur has decided to call an extraordinary shareholders meeting January 21 for a vote on liquidating the company, Sibur said in a statement.

The shareholder register for the meeting closes December 17.

On the agenda will be a property-sale agreement between OJSC AK Sibur and LLC Sibur, as well as a vote on the voluntary liquidation of the former and appointing a liquidation commission.

The board of directors at SIBUR Holding had decided on the voluntary liquidation of AK Sibur to fulfill the main terms of an amicable agreement with creditors struck in 2002.

AK Sibur, set up in 1995, consolidated enterprises in Russia's petrochemicals sector using loan money extended mainly by the Gazprom group. The company was in a state of bankruptcy by 2002. In September that year, AK Sibur concluded an amicable agreement with its creditors to pay off its debts of over 27 billion rubles before the end of 2010.

Debt to the Gazprom group was paid off in December of 2005 by converting debts into shares in the newly reformed OJSC SIBUR Holding, which received all AK Sibur production assets and management functions.