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Court to hear HiPP's application for bankruptcy of Sivma on October 11

13:37 12/09/2011

MOSCOW, September 12 - RAPSI, Sergei Feklyunin. The Moscow Commercial Court has scheduled for October 11 its hearing of HiPP GmbH & Co. Export KG's application for the bankruptcy of Sivma, the court told the Russian Legal Information Agency (RAPSI).

The Court received the application on September 2.

The Supreme Commercial Court ruled to enforce an August 19, 2009 Austrian commercial court judgment awarding HiPP GmbH & Co. Export KG 5 million euros in its suit against Sivma and Sivma Baby Food. The award was based upon the defendants' default on their contractual obligations under a supply and guarantee agreement.

HiPP GmbH & Co. Export KG is a leading Austrian baby food manufacturer.

HiPP was founded by Georg Hipp in 1932. Its sales turnover amounted to roughly 410 million euros in 2008. It currently operates production enterprises in Germany, Austria, Hungary, Croatia, and Ukraine.

Sivma is engaged in baby food production and sale under the "Babushkino Lukoshko" trademark. It owns a 16,000 square meter warehouse in Moscow Region. Sivma is also Russias leading distributor of photography equipment.

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Court to hear HiPP's application for bankruptcy of Sivma on October 11

13:37 12/09/2011 The Moscow Commercial Court has scheduled for October 11 its hearing of HiPP GmbH & Co. Export KG's application for the bankruptcy of Sivma.
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