Russian Railways subsidiary's bankruptcy case to be heard Dec. 5
St. Petersburg, October 13 - RAPSI. A commercial court postponed until December 5 the hearing of an appeal filed by the tax inspectorate to recognize Visokoskorostnyie Magistrali's bankruptcy, the court materials read.
Visokoskorostnyie Magistrali was established in 1991 to construct Russia's first high-speed passenger railway between Moscow and St. Petersburg. In December 2007, Russian Railways acquired a 83.78-percent stake in Visokoskorostnyie Magistrali, which belonged to the Federal Agency for State Property Management.
The corresponding ruling was passed on October 10. The reasons for the postponement have not been specified.
The Federal Tax Service filed a statement after Visokoskorostnyie Magistrali failed to fulfill 503.78 million rubles ($16.13 million) in debt obligations to the government.
The Finance Ministry and Russian Railways are involved as third parties in the case.