2000-02-07 Kazak Corporate News

Article Index

Kazakhstan Weekly

Corporate News

Monday February 7, 2000

Oil & Gas

The Calgary-based company Hurricane Hydro-carbons Ltd. announced on Monday that an Alberta court has extended the company’s bankruptcy protection until 25 February 2000. Hurricane also filed an amended restructuring plan to the court on how the company will handle repayments to its creditors. The court will review the plan on February 7 and has set February 22 as the date for any creditor meeting.

Hurricane, which operates in Kazakhstan through its Hurricane Kumkol Munay affiliate, has been in bankruptcy protection since defaulting on its debt last spring. Now that the price of oil has risen, the company is working with the Dutch investment bank ING Barings to raise new debt to pay existing bondholders, provided that a consensual plan cannot be reached with current bondholders.

The company said it remains committed to resolving its debt with its creditors in a satisfactory manner, emerging from bankruptcy protection, and completing its pending merger with the Shymkent Refinery by 31 March 2000. (Golden Eagle Partners)

Metals & Mining

The Donskoy Mining Plant, a unit of KazChrome, extracted 2.405 million tonnes of chromium ore in 1999, a 51% increase over the 1.602 million tonnes produced in 1998. As reported by the plant’s press service, the increase in ore production was achieved due to a reduction in expenses and the more efficient use of the company’s internal reserves.
In addition, last year the company launched operations at the Tsentralnaya mine and the Poiskoviy open pit.  Previously, the company was developing only the Molodezhnaya mine. At present, the main consumers of the ore produced at Donskoy include KazChrome’s Aksu Ferroalloys Plant in the Pavlodar region and JSC Ferrochrome (the Aktyubinsk Ferroalloy Plant), as well as the Aktyubinsk Chemical Compounds Plant and various Russian ferroalloy plants. (Interfax)