MOSCOW, December 20 - RAPSI. The Moscow Commercial Court extended until April 2012 the bankruptcy proceedings in V.A.V.S., once a largest bulbs manufacturer in Russia, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Tuesday.

The V.A.V.S. holding was established in 2002. In May 2009, Auktsyon, Sberbank's subsidiary, purchased a 75-percent stake in the holding.

The court set April 5 to hear the bankruptcy administrator's report on the debtor's bankruptcy proceedings. In his request to extend bankruptcy proceedings the administrator explained that he needs more time to form up the debtor's bankruptcy estate.

The Moscow Commercial Court upheld on April 14 the application of the Federal Tax Service to declare V.A.V.S. bankrupt. The court initiated bankruptcy proceedings against the debtor for a term of six months.

According to the bankruptcy administrator, while assessing the debtor's financial statement it was concluded that the debtor cannot restore its ability to pay. Sberbank is the debtor's largest creditor and its claims to the debtor amount to 3.5 billion rubles ($109 million).