Creditors lose lawsuit to declare North Caucasus alcohol producer bankrupt
MOSCOW, December 19 - RAPSI, Dmitry Shchitov. The court has annulled the results of a meeting of Istok creditors that sought the company's bankruptcy, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).
Istok is one of Russia's largest distilleries.
The North Ossetia Republic Commercial Court earlier held against the Distillery De La Tour's application to invalidate the results of the meeting on September 21.
However, the appellate court overruled the judgment.
According to a statement made earlier by the local government, it was determined to do its best to save the distillery, which was undergoing bankruptcy proceedings. The statement said the distillery had outstanding liabilities to the tune of 700 million rubles ($22 million).
Istok failed to raise sufficient funds to implement its plan in 2008. It had to suspend its production in 2009 and dismiss about 2,000 workers.