MOSCOW, November 25 (RAPSI) – The Commercial Court of St. Petersburg and Leningrad Region has declared a co-owner of Russian Internet retailer Ulmart Dmitry Kostygin bankrupt, according to court records.

The court has also initiated a debt restructuring procedure in relation to the businessman.

VTB bank filed a petition for insolvency of Kostygin over his debt worth over 644 million rubles ($8.5 million) in September 2019.

On July 5, 2018, the court initiated a monitoring procedure against Ulmart on the request of BigBox company seeking 100 million rubles (about $1.5 million) from the retailer. The firm’s demands were also included in the list of the retailer’s creditors.

Previously, several companies filed bankruptcy petitions against Ulmart.

Ulmart group of companies is the largest Russian private Internet holding focusing on e-commerce segment. The company’s distribution network consists of over 400 sales outlets across more than 240 Russian cities and towns.