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Court to hear $6.3 mln dispute between MiG and Tupolev

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14:43 16/09/2011

MOSCOW, September 16 - RAPSI, Natalia Belova. The court will hear on November 11 a $6.3 million dispute between Russia's leading aircraft manufacturers, the Russian Legal Information Agency reported from the courtroom.

MiG-Finance, a MiG Aircraft Corporation subsidiary, sued the Tupolev aircraft company for debt that stemmed from a loan granted to Tupolev on November 19, 2001.

MiG financed the Tu-334's development under a loan contract.

MiG assigned a claim of 81 million rubles ($2.6 million) to Alfa Bank in August 2010. The bank filed a 193.19 million ruble ($6.3 million) lawsuit with the Moscow Commercial Court. Tupolev failed to repay the debt. Alfa Bank sought to recover the principal debt, interest and penalties.

The court partially satisfied the banks lawsuit in October 2010 and awarded it 166.7 million rubles ($5.4 million). The claimant was later substituted to MiG-Finance during the hearing in the appeals court.

Tupolev is primarily engaged in developing Ty-204/214 and Tu-334 aircraft, Tu-330 cargo aircraft and Tu-324 regional and executive aircraft. The United Aircraft Corporation owns a 95.52-percent stake in the company.

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Court to hear $6.3 mln dispute between MiG and Tupolev

14:43 16/09/2011 The court will hear on November 11 a $6.3 million dispute between Russia's leading aircraft manufacturers, the Russian Legal Information Agency reported from the courtroom.
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