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UniCredit's $12.7 mln suit against major baby food producers to be heard on January 31

15:06 19/12/2011

MOSCOW, December 19 - RAPSI, Dmitry Shchitov. A court has adjourned until January 31 its hearing of a 12.7 million claim filed by UniCredit Bank against the Nutriek baby food producer, the Russian Legal Information Agency (RAPSI/rapsinews.com) reports from the courtroom.

The Moscow Commercial Court has postponed the case after it involved the Nutrinvestholding, the Nutritek Group's parent company, to participate in the case as a third party.

Nutritek is the guarantor under the loan agreement. The court is also hearing Nutritek's lawsuit to invalidate a supplement agreement on extending the guarantee until 2013.
In its claim, Nutritek asserts that the guarantee extension agreement was not approved at the shareholders' meeting as is legally required for large transactions.

The Nutrinvestholding obtained a loan in 2008. It later defaulted in its loan repayment and requested to restructure the debt. The bank agreed and signed additional agreements, but the debtor defaulted again and UniCredit became entitled to claim an early loan repayment.

The Nutritek Group was established in 1990. It produces and sells baby and special food. The company operates five plants in Russia, Ukraine and New Zealand.

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UniCredit's $12.7 mln suit against major baby food producers to be heard on January 31

15:06 19/12/2011 A court has adjourned until January 31 its hearing of a 12.7 million claim filed by UniCredit Bank against the Nutriek baby food producer.
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