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Sivma pays multimillion debt to HiPP

15:37 15/11/2011

MOSCOW, November 15 - RAPSI, Alyona Yegorova. The Sivma baby food producer paid its debt of over five million euro to the Austrian HiPP GmbH & Co. Export K, Sivma told the Moscow Commercial Court on Tuesday.

HiPP GmbH & Co. Export KG is a leading Austrian baby food manufacturer.

HiPP was founded by Georg Hipp in 1932. Its sales turnover was roughly 410 million euro in 2008. It operates production enterprises in Germany, Austria, Hungary, Croatia, and Ukraine.

Sivma is engaged in baby food production and sale under the "Babushkino Lukoshko" trademark. It owns a 16,000 square meter warehouse in the Moscow Region. Sivma is also Russia's leading photography equipment distributor.

The Supreme Commercial Court ruled to enforce an August 19, 2009 an Austrian commercial court's judgment awarding HiPP GmbH & Co. Export KG five million euro in its lawsuit against Sivma and Sivma Baby Food. The award was based upon the defendants' default on their contractual obligations under a supply and guarantee agreement.

The court was scheduled to hear HiPP's application to recognize Sivma bankrupt. However, it later became known that the latter paid its debt.

HiPP said it had been informed of the money transfer. However, the money has not yet reached the claimant's account, the company said.

The creditor requested to postpone the hearings to confirm that the money was transferred.

The court postponed the hearing until November 22.

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Sivma pays multimillion debt to HiPP

15:37 15/11/2011 The Sivma baby food producer paid its debt of over five million euro to the Austrian HiPP GmbH & Co. Export K.
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