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Court initiates supervisory procedure against MIEL subsidiary

18:00 21/12/2011

MOSCOW, December 21 - RAPSI, Serge Feklyunin. The Moscow Commercial Court initiated a supervisory procedure against Golden Mile under Rosbank's bankruptcy application, the Russian Legal Information Agency (RAPSI/rapsinews.com) reported from the courtroom on Wednesday.

Golden Mile (Zolotaya Milya) is a subsidiary of MIEL Investment and Development Holding.

It was earlier reported that Golden Mile's debt to Rosbank is 704 million rubles ($22.3 million)

The Moscow Commercial Court registered Rosbank's bankruptcy application against Golden Mile on September 2.

The court also registered the bank's similar bankruptcy application against four other MIEL subsidiaries.
Rosbank sought $20 million for the debt under a loan contract granted to Barvikha Village in 2007. The loan was to be repaid in May 2011. Four MIEL subsidiaries were the loan guarantors.

Meanwhile, the bank claimed the early repayment of the loan as the developer failed to keep up with the payment schedule.

The MIEL Holding was founded in October 1990 and was reorganized into a real estate agency in 1993. It currently operates real estate sales, investment, and development businesses. It comprises over 10 companies.

Rosbank became one of five major Russian banks in terms of loan portfolio after merging with Societe Generale subsidiary BSGV on June 30.

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Court initiates supervisory procedure against MIEL subsidiary

18:00 21/12/2011 The Moscow Commercial Court initiated a supervisory procedure against Golden Mile under Rosbank's bankruptcy application. Golden Mile (Zolotaya Milya) is a subsidiary of MIEL Investment and Development Holding.
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