Court extends bankruptcy administration in car distributor’s bond issuer
MOSCOW, December 22 - RAPSI, Dmitry Shchitov. The commercial court extended on Thursday Income-Lada’s bankruptcy administration for another six months and scheduled May 10 for hearing its administrator’s report, the Russian Legal Information Agency (RAPSI/rapsinews.com) reports from the courtroom.
Income-Lada was a special purpose vehicle for the issuance of Incom-Avtoin four offerings. It also issued additional Eurobonds worth $40 million.
The Moscow Commercial Court declared Income-Lada bankrupt and ordered its bankruptcy administration on June 18, 2009.
The extension was requested by the administrator.
According to the administrator the two latest creditors’ meetings were frustrated as the creditors failed to attend, thus embarrassing bankruptcy proceedings.
Claims to Income-Lada amount to 11.137 billion rubles ($350.6 million). Third-priority creditors seek 11.123 billion rubles ($350.17 million), including 10.131 billion rubles ($318.9 million) in principal debt and 606 million rubles ($19 million) in claims under pledge agreements.
Before its bankruptcy Income-Avto was an official dealer of Honda, Ford, Renault, Peugeot, Hyundai, Kia, Fiat, SsangYong, Daewoo, Chery, Sens vehicles and Russian car-makers.