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Komineft will issue a packet of transitional promissory notes totaling 400 billion rubles ($9 million) at the beginning of September, a representative of KomiTEK Moscow said.
KomiTEK Holding, which owns Komineft, will be the agent redeeming the notes, the representative said.
"The promissory notes are being issued, first of all, to settle accounts with the Komi Republic and with other outside funds," said Alexei Antipov, KomiTEK Moscow's financial director.
Including fines, he estimated Komineft's tax debts to the republic at 280 billion rubles. The emission's remaining proceeds will be committed to paying off obligations outside Komi, he said.
Komineft Set To Issue Notes
11 August 1995
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