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Court to hear major bank's bankruptcy suit against developer

13:45 20/09/2011

MOSCOW, September 20 - RAPSI, Sergei Feklyunin. The court will hear on October 18 a bankruptcy application filed by Societe Generale's subsidiary against a development company, the court told the Russian Legal Information Agency (RAPSI).

The Moscow Commercial Court registered Rosbank's bankruptcy application against Golden Mile, a subsidiary of MIEL Investment and Development Holding, on September 2.

The court also registered the bank's similar bankruptcy application against four other MIEL's subsidiaries.

Rosbank sought $20 million for the debt under the loan contract granted to Barvikha Village in 2007. The loan was to be repaid in May 2011. Four MIEL's subsidiaries were the guarantors for the loan.

Meanwhile, the bank claimed the early repayment of the loan as the developer failed to keep up with payment schedule.

MIEL Holding was founded in October 1990 and was reorganized into a real estate agency in 1993. It currently operates real estate sales, 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 a one of five Russias major banks in terms of loan portfolio after it merged with BSGV, the other Societe Generale's subsidiary, on June 30.

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Court to hear major bank's bankruptcy suit against developer

13:45 20/09/2011 The court will hear on October 18 a bankruptcy application filed by Societe Generale's subsidiary against a development company.
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