KIEV, March 17 - Ukrnafta Chairman Mark Rollins will ask the supervisory council of the company to start pre-trial reorganization for debt repayment.

"I feel strongly in the interest of the government and the people of Ukraine to keep Ukrnafta operating in a profitable way. Hence, I am recommending this course of action. So I am recommending to my supervisory board that the financial restructuring be initiated under the guidance of the existing executive board. I am looking for support for developing and implementing this reorganization plan from the shareholders, the government and the State Fiscal Service," he said at a press conference at Interfax-Ukraine in Kiev.

According to Rollins, the company currently works with a positive cash flow but it cannot repay its tax liabilities in the short term.