RE: Hot off the press in Georgia8 Nov 2019 20:48
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As Zaza Mamulashvili, CEO of the company said, there is progress in the dispute over the company with the government. According to him, virtually all issues are resolved positively, except for one related to the contract between the state and the company. The company has a contract until 2027, the company promises to extend the contract after 2027, otherwise the well will be useless and there will be no time left for the investor to return the investment. He said that after discussing the issue and negotiating with the state it will be possible to sign an agreement with investment banks and conclude a new financing agreement. This will automatically result in the company continuing to operate in the old fashion and delivering employee salaries over time (the exact timing is still unknown!). The crisis period, he said, is until the end of January 2020, after which positive changes are expected both in relations with the state, as well as with investment banks and the company. (The exact time is also unknown here!)