VTB Bank files new bankruptcy petition against major car manufacturer
MOSCOW, September 30 - RAPSI, Dmitry Shchitov. A commercial court will hear on October 20 a petition filed by VTB Bank, Russia's second largest bank, for the bankruptcy of a major car manufacturer, the court told the Russian Legal Information Agency (RAPSI).
VTB filed a bankruptcy application against Taganrog Automobile Plant (TagAz) after it failed to repay a $40.8 million debt.
VTB granted a loan to TagAz at 17-percent annual interest on November 7, 2008. The loan was to be repaid by 2009. The bank sued TagAz after it defaulted in loan repayment.
TagAz was founded in February 1997. It began to cooperate with South Korea's Hyundai in 2001.