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Two lawsuits by MDM Bank against development company postponed by court

12:51 29/09/2011

MOSCOW, September 29 - RAPSI, Natalia Belova. A commercial court put off hearing two lawsuits by MDM Bank to recover $38 million from Peresvet development group under credit agreements, the Russian Legal Information Agency (RAPSI) reported from the court on Thursday.

MDM Bank is one of Russia's largest private banks. Its shareholders include such leading international financial institutions as International Finance Corporation, the European Bank for Reconstruction and Development and DEG, the bank's official website reads.

Peresvet-Group is a leading developer. Peresvet-Group's parent company was established in 1995. The company is mostly involved in constructing residential and commercial property.

The hearing was postponed since the parties stated that they are negotiating an amicable agreement and debts restructuring.

The commercial court had recovered from the developer $55.943 million in favor of MDM Bank under a similar suit.

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Two lawsuits by MDM Bank against development company postponed by court

12:51 29/09/2011 A commercial court put off hearing two lawsuits by MDM Bank to recover $38 million from Peresvet development group under credit agreements.
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