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. Last Updated: 07/27/2016

Sidanko Gets Reprieve

MOSCOW -- Creditors of Russia's fifth biggest oil producer Sidanko have agreed to drop bankruptcy proceedings against the company and come up with a restructuring plan, the company said in a statement Friday.

Sidanko has a debt of $400 million, $150 million of which is to foreign creditors.

The end of bankruptcy proceedings "is a step on the road [but] it's very much a work in progress,'' said Howard Chase, director of external relations for BP Amoco, which is owed about 5 percent of Sidanko's debt and is also owner of 10 percent of the company.

Wolfgang Rutke of Dresdner Bank, chairman of the Sidanko creditors' committee, said creditors representing 96 percent of Sidanko's debts have approved the basic principles of a debt restructuring, the Sidanko statement said.