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Major developer pays $16 mln debt to MDM Bank

14:16 13/02/2012

MOSCOW, February 13 - RAPSI. The Peresvet development group has paid its principal debt to MDM Bank under the bank's $15.9 million lawsuit, the Russian Legal Information Agency (RAPSI/rapsinews.com) reports on Monday.

Peresvet's lawyer said today that the company repaid $8.984 million in principal debt and the parties are now negotiating interest payment.

MDM Bank requested the court to suspend the case as the parties finally agreed to settle the dispute out of court. The bank also said certain settlement terms have yet to be agreed on.

It was earlier reported that Peresvet also repaid its principal debt worth $22.025 million in MDM Bank's other lawsuit against the group. The plaintiff sought to recover debt for loans granted in 2007. The next hearing in the case is scheduled for March 19.

The Moscow Commercial Court recovered $55.943 million from Peresvet in favor of MDM bank in a similar lawsuit on April 19, 2011.

Peresvet's parent company Peresvet-Invest was established in 1995 as a real estate agency. Its present portfolio contains implemented and developed projects for about 1.8 million square meters of floor area in Moscow and other regions.

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Major developer pays $16 mln debt to MDM Bank

14:16 13/02/2012 The Peresvet development group has paid its principal debt to MDM Bank under the bank's $15.9 million lawsuit.
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