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TagAZ bankruptcy hearing postponed until December 26

18:31 17/11/2011

ROSTOV-ON-DON, November 17 - RAPSI, Yulia Nasulina. A commercial court postponed until December 26 VTB Bank's application to declare Taganrog Automobile Plant (TagAZ) bankrupt, the court told RIA Novosti on Thursday.

TagAZ was founded in February 1997 and launched a joint venture with the South Korean Hyundai in 2001. The plant can simultaneously produce up to six different car models on its primary conveyor. The plant's production capacity is 180,000 vehicles per year.

VTB Bank is the second largest bank in Russia.

According to TagAZ, VTB Bank's claims to recognize the bank's bankruptcy under the Moscow Commercial Court's decision to recover $38.6 million from TagAZ. The plant has already submitted to the Moscow Commercial Court an application to grant a delay in paying the debt. The date to hear the application has not yet been set.

Earlier, TagAZ managed to receive a delay in another lawsuit worth 726 million rubles ($23.6 million). The plant was given a delay to pay the debt by late 2011. The debt will then be paid in installments throughout the year.

The bank told RIA Novosti that TagAZ did not formulate any constructive proposals to VTB on the repayment of the debt and this forced the bank to file an application with the commercial court to recognize the negligent borrower as bankrupt.

Doninvest, TagAZ's primary shareholder, refrained from giving any comments to RAPSI.

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TagAZ bankruptcy hearing postponed until December 26

18:31 17/11/2011 A commercial court postponed until December 26 VTB Bank's application to declare Taganrog Automobile Plant (TagAZ) bankrupt
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