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Alfa-Bank's $20 mln suit against Belarusian utility to be heard on January 17

12:41 06/12/2011

MOSCOW, December 6 - RAPSI, Natalia Belova. A commercial court will hear on January 17 Alfa-Bank's lawsuit against Belarus' Brestenrego utility company for $20.1 million in debt under a loan agreement, the Russian Legal Information Agency (RAPSI/rapsinews.com) reports from the courtroom.

Established in 1990 Alfa-Bank is Russia's largest bank in terms of assets, own capital and client accounts. Its primary shareholder is AB Holding (99.89 percent), owned by ABH Holding Corp, a part of Alfa Group.

Brestenergo was established in May 1954. It has power plants and generates, transmits and distributes electric and thermal power.

Initially, the bank sought $21.387 million, but then the company partially repaid its debt and it currently amounts to $20.1 million, including the principal sum of $17.466 million.

The bank is seeking early repayment of two loans granted in spring 2010. The Belarusian company defaulted in servicing the loans. The loan was set to mature on December 13, 2013.

The bank also seeks to recover from Brestenrego $5.862 million under another loan agreement. The court is set to consider the lawsuit on February 2.

According to Alfa-Bank, the $10.8 million loan was to be provided in five tranches by December 31, 2014. This summer the utility delayed the scheduled payments to trigger off the bank's request for an early repayment. Then the bank went to court.

The utility explained that the delay was caused by the Belarusian economic situation, i.e. the impossibility to buy foreign currency on the currency market. When the situation was back to normal in September, the company began to repay overdue debts and effect an early repayment. Brestenrego stated its intention to repay the loan in full in December.

This year Balarus is facing serious economic problems.

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Alfa-Bank's $20 mln suit against Belarusian utility to be heard on January 17

12:41 06/12/2011 A commercial court will hear on January 17 Alfa-Bank's lawsuit against Belarus' Brestenrego utility company for $20.1 million in debt under a loan agreement.
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