Electric Networks of Armenia Repays $20 Million Loan Obligation Following Appointment of Interim Manager
After the termination of the distribution license of “Electric Networks of Armenia” CJSC (ENA or Electric Networks of Armenia), the company continued its operations under the leadership of an interim manager, implementing current approaches and fulfilling financial obligations, including the early repayment of a $20 million loan.
By the decision of the Public Services Regulatory Commission of the Republic of Armenia (PSRC) on November 17, the license for the distribution of electric energy by the ENA was terminated. The implementation of changes provided by law is an ongoing process, and until its completion, the company operates under the management of the interim manager, Romanos Petrosyan, retaining all functions assigned to the distribution sector.
A message released by ENA states that during the period following the manager’s appointment, in addition to current payments, the principal amount of a loan obligation exceeding 20 million US dollars was repaid early. According to the company’s assessment, the financial condition allows for ensuring both the fulfillment of existing contracts and the normal operation of the system.
ENA emphasizes that cash flows are managed on the principle of continuity without hindering the provision of services.