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Astoria Group's bankruptcy hearing postponed

15:33 12/09/2011

MOSCOW, September 12 - RAPSI, Alyona Yegorova. The Moscow Commercial Court has postponed until September 28 hearing VTB Bank's application for Astoria Group's bankruptcy, the Russian Legal Information Agency (RAPSI) reported from the courtroom.

The court decided to postpone hearings because Astoria Group was not informed of the earlier scheduled hearing date.

VTB Bank representatives said in court that Astoria Group owns an unfinished multifunctional complex, which the bailiffs appraised at $1.49 million. The bank did not agree with the assessment and is currently disputing it.

VTB Bank, Russia's second largest bank in terms of assets, was established in October 1990. The Russian government is the bank's primary shareholder, with an 85.5% stake.

VTB Bank mostly works with corporate customers.

Astoria Group was established in 2004. It is primary engaged in constructing multifunctional complexes in Russia's major cities.

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Astoria Group's bankruptcy hearing postponed

15:33 12/09/2011 The Moscow Commercial Court has postponed until September 28 hearing VTB Bank's application for Astoria Group's bankruptcy.
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