UniCredit Bank appeals refusal to declare tile manufacturer bankrupt
MOSCOW, October 17 - RAPSI, Dmitry Shchitov. UniCredit Bank has appealed the court's decision to terminate the bankruptcy proceedings against Eurotile-Distribution, a part of the major Unitile Group tile manufacturer, the court told the Russian Legal Information Agency (RAPSI).
The bank filed an appeal with the Tenth Commercial Court of Appeals against the Moscow Regional Commercial Court's September 6 ruling. The court then held for the Eurotile's petition to terminate the bankruptcy proceedings against it as the company repaid its 86 million ruble ($2.77 million) debt to the bank.
The Moscow Regional Commercial Court in October registered bankruptcy petitions filed by Sberbank and VTB Bank, Russia's two leading banks, against Eurotile. The banks said the company owed them 7.87 billion rubles ($254 million).
According to Unitile, it is a leading tile manufacturer in Russia which occupies a 22-percent market share. Its 2009 turnover amounted to over 4 billion rubles ($129 million).