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11:55
ORANTA, NIRVANA MEDIA AGREE ON REPAYMENT OF DEBT FOR 2008 AD CAMPAIGN

Kyiv, August 4 (Interfax-Ukraine) – OJSC Oranta insurance company and the Nirvana Media advertising agency have signed an interim agreement on the repayment of the insurer's debt to the agency and mass media for an advertising campaign launched in 2008.

According to an Oranta press release, both companies' representatives agreed a preliminary plan for the repayment of the debts that meets both sides' interests.

Moreover, billboards saying "Oranta, Return the Debt!" posted by the advertiser in Kyiv's street will be withdrawn soon.

Both companies' managements stressed that all the next steps until the dispute is settled finally will be settled through negotiations and mutual compromises only.

As was reported, Kyiv's economic court on July 20, 2009, decided to uphold claims filed by the Nirvana Media advertising agency against Kyiv-based Oranta insurance company in full.

The case was prompted by a claim filed by Nirvana Media against Oranta, which Nirvana alleged owed UAH 10 million to the agency and its contractors – leading Ukrainian TV channels – for placing advertisements.

Oranta is one of the three largest insurance companies in Ukraine in the sphere of classical insurance. Currently, the company has almost 800 branches in regional centers, districts and cities. Its agent chain consists of over 7,000 insurance agents.

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