On May 24th, Supervisory Board of Ukrnafta PJSC took place at Naftogaz of Ukraine NJSC. According to the meeting’s agenda, the Supervisory Board’s members examined the company’s audited financial results for 2015, discussed the necessity of implementing an out-of-court restructuring aimed at the company’s financial recovery of PJSC Ukrnafta.
At the meeting it was decided to:
• Grant consent to commencing the company’s financial recovery procedure with the purpose of avoiding bankruptcy. The Executive Board of Ukrnafta PJSC was instructed to draft a plan for the company’s out-of-court restructuring.
• Call Ukrnafta’s General Shareholders Meeting to get the shareholders’ consent to start the company’s financial recovery procedure.
Mark Rollins, Chairman of the Executive Board of Ukrnafta PJSC, “I am glad the Supervisory Board meeting has finally taken place and that we’ve managed to hold a constructive discussion on many of the pressing issues. Some strategic decisions have been made, which will allow us to move forward towards restoring the financial health of the company”
According to the procedure, the Supervisory Board called the General Meeting of Shareholders of PJSC Ukrnafta on July 7th, where the corresponding decision has to be made.
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