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Court puts off Miel subsidiary's bankruptcy case until January 30

10:52 29/12/2011

MOSCOW, December 29 - RAPSI, Natalya Belova. The Moscow Commercial Court has adjourned until January 30 the hearing of bankruptcy application filed by Rosbank against MIEL Holding's subsidiary, the Russian Legal Information Agency (RAPSI /rapsinews.com) reported from the court on Thursday.

MIEL Holding was established in October 1990 and was reorganized into a real estate agency in 1993. It currently operates real estate sales, investment, and development businesses.

Rosbank became one of Russia's top five banks in terms of its loan portfolio after merging with BSGV on June 30.

The bankruptcy applications were filed by Rosbank and the First Republic Bank. The court combined two applications into one case.

The court put off the hearing earlier as the parties said they were negotiating an amicable agreement and expected to finish it soon. Rosbank's application must be examined after the application by First Republic Bank is considered.

Rosbank requested to recover a $20 million debt resulted from a loan issued to the holding in 2007.The loan was set to mature in May 2011. Rosbank demanded early repayment of the loan since the borrower failed to meet loan repayment schedule and pay interest in time.

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Court puts off Miel subsidiary's bankruptcy case until January 30

10:52 29/12/2011 The Moscow Commercial Court has adjourned until January 30 the hearing of bankruptcy application filed by Rosbank against MIEL Holding's subsidiary.
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