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Bankruptcy case of Basic Element subsidiary to be heard on June 19

13:28 14/05/2012

ST. PETERSBURG, May 14 - RAPSI. The St. Petersburg and Leningrad Region Commercial Court will consider on June 19 an application by WestPromResurs for BaselCement's bankruptcy.

BaselCement Pikalyovo, a Basic Element subsidiary owned by multimillionaire Oleg Deripaska, was among the group of companies whose suspended operations led to the obstruction of the federal highway by local residents in summer 2009. The situation was defused in person by the then Prime Minister Vladimir Putin. The contract for supply of raw materials was concluded in his presence.

On May 10, BaselCement holding company stated that it would not allow its Pikalyovo plant to go bankrupt and its 2.5 million rubles ($83,000) debt to the plaintiff would be paid before the trial.

BaselCement added that the plant has been in strained financial conditions since January 1 due to the increase in tariffs for the railway transportation of its products.

Moreover, despite an agreement concluded with the regional authorities in March, the plant never received the 421 million rubles ($14 million) allocated to it by the Finance Ministry.

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Bankruptcy case of Basic Element subsidiary to be heard on June 19

13:28 14/05/2012 The St. Petersburg and Leningrad Region Commercial Court will consider on June 19 an application by WestPromResurs for BaselCement's bankruptcy.
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