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Bank's application for major developer's bankruptcy to be considered on Nov. 28

10:44 15/11/2011

MOSCOW, November 15 - RAPSI, Natalia Belova. A commercial court will hear on November 28 Rosbank's application for the bankruptcy of Barviha-Village, the court told the Russian Legal Information Agency (RAPSI) on Tuesday.

Rosbank is one of Russia's top five banks in terms of credit portfolio after it merged with BSGV to complete its Russian assets consolidation.

The MIEL Holding was founded in October 1990. In 1993, it was transformed into a real estate agency. MIEL is engaged in real estate, investment, and development, and consists of more than 10 companies.

Barviha-Village is a MIEL Holding subsidiary.

According to earlier reports, the court registered in September Rosbank's applications for the bankruptcy of five MIEL companies.

The Ninth Commercial Court of Appeals upheld the trial court's $24.5 million award in favor of Rosbank from the five MIEL companies on August 24.

Rosbank sought $20 million in debt under a loan issued to Barviha-Village in 2007, which was set to mature in May 2011. The other four companies acted as guarantors to the loan.

After Barviha-Village defaulted on the scheduled principal and interest payments, Rosbank sought the early repayment of the loan in full.

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Bank's application for major developer's bankruptcy to be considered on Nov. 28

10:44 15/11/2011 A commercial court will hear on November 28 Rosbank's application for the bankruptcy of Barviha-Village.
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