Court initiates bankruptcy administration in Miel developer's subsidiary
- Court puts off Miel subsidiary's bankruptcy case until January 30
- Court initiates supervisory procedure against MIEL subsidiary
- Rosbank's application for MIEL developer's bankruptcy adjourned
- Application for MIEL subsidiary's bankruptcy to be considered in November
- Court upholds $24.5 million award for Rosbank in suit against MIEL
MOSCOW, January 27 - RAPSI. A commercial court initiated bankruptcy administration in Barvikha Village, a subsidiary of the Miel investment and development holding company, the Russian Legal Information Agency (RAPSI/rapsinews.com) reported from the court on Friday.
MIEL Holding was founded in October 1990 and was reorganized into a real estate agency in 1993. It currently operates real estate, investment and development businesses.
It comprises over ten companies. MIEL invested over 40 billion rubles ($129.5 million) to build 770,000 square meters of residential space starting from 2003.
Rosbank became one of five Russia's largest banks in terms of loan portfolio after it merged with BSGV, the other Societe Generale's subsidiary, on June 30.
Rosbank filed an appeal to declare the company bankrupt. The court found this statement well-grounded and included the bank's claim amounting to 746.5 million rubles ($24.62 million) in the register of the company's fourth-priority creditors as the claim is secured by the debtor's property.
Earlier, the bank representative said that Rosbank had been in negotiations on an amicable debt settlement for more than a year. However, the debtor has not been paying since 2009 and by now the settlement options have been exhausted. The debtor objected to the debt inclusion in the fourth-priority creditors register in view of a dispute over the pledge.