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Court to hear lingerie retailer's self-bankruptcy petition on November 1

16:11 26/10/2011

MOSCOW, October 26 - RAPSI, Natalia Belova. A commercial court has declared on Wednesday a recess until November 1 in its hearing of the Wild Orchid lingerie and men's underwear retailer's petition for own bankruptcy, the Russian Legal Information Agency reports from the courtroom.

Additionally, the court dropped its proceedings initiated upon the request of Souyz bank for Bustier's bankruptcy and dismissed a similar application for the Wild Orchid Group's bankruptcy. Bustier manages the Bustier lingerie shops and is part of the Wild Orchid Group.

The court made the decisions as the applications were signed by a person having no signing authority.

The court has postponed the petition for own bankruptcy for the company to provide explanations regarding corporate assets exceeding its liabilities.

The Wild Orchid Group has owned lingerie and mens underwear shops since 1994. The chain consists of 271 outlets in Russia and 37 in Ukraine.

The Deposit Insurance Agency owns a 50-percent-plus-one share in the Soyuz bank. The rest is owned by Ingosstrakh, which is a part of oligarch Oleg Deripaska's Basic Element.

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Court to hear lingerie retailer's self-bankruptcy petition on November 1

16:11 26/10/2011 A commercial court has declared on Wednesday a recess until November 1 in its hearing of the Wild Orchid lingerie and men's underwear retailer's petition for own bankruptcy.
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