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Court postpones bankruptcy statement regarding major underwear retailer

16:46 04/10/2011

MOSCOW, October 4 - RAPSI, Anna Demidova, Natalia Belova. A commercial court postponed until October 26 the hearing of two Soyuz Bank bankruptcy statements on the Wild Orchid Group underwear retailer and Bustier, the Russian Legal Information Agency (RAPSI) reported from the court on Tuesday.

Wild Orchid Group has been developing retail female underwear shops since 1994. Its network comprises 271 shops in Russia and 37 in Ukraine.

Bustier manages the eponymous chain, which is part of Wild Orchid Group.

Deposit Insurance Agency owns 50 percent plus one share in Soyuz Bank. The remaining shares belong to Ingosstrakh, which is part of Oleg Deripaska's Basic Element.

The court postponed hearing the statements because the company representatives, as reported earlier, did not receive the applications from the bank. They need to familiarize themselves with them and submit their objections.

Additionally, the court postponed until October 26 the hearing of Wild Orchid Group's statement on its own insolvency.

Bustier said at the hearing that the company has three bank accounts with a total of 514 rubles ($15) on them. Therefore, it cannot finance the bankruptcy proceedings. While postponing the hearing, the court proposed the parties to submit the information by the next hearing as to who will finance the bankruptcy proceedings.

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Court postpones bankruptcy statement regarding major underwear retailer

16:46 04/10/2011 A commercial court postponed until October 26 the hearing of two Soyuz Bank bankruptcy statements on the Wild Orchid Group underwear retailer and Bustier.
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