Court refuses to seize Nutritek's funds in $13 mln dispute with UniCredit Bank
MOSCOW, November 21 - RAPSI. A court has held against UniCredit Bank's petition for interim relief and refused to seize funds of major baby food producer Nutritek worth $13 millions, the court told the Russian Legal Information Agency (RAPSI).
The Moscow Commercial Court will hear on December 19 the bank's 403 million ruble ($13 million) lawsuit against Nutritek.
Nutritek is the guarantor for the loan granted by the bank.
The bank initially sued Nutrinvestholding, the borrower, and Nutritek, the guarantor under the loan agreement. But the court later opened a separate case against Nutritek in September at the claimant's request.
Nutrinvestholding, Nutritek Group's parent company, obtained a loan in 2008. It later defaulted in loan repayment and requested to restructure the debt. The bank agreed and signed additional agreements, but the debtor defaulted again and UniCredit became entitled to claim an early loan repayment.
The Nutritek Group was founded in 1990. The group consists of six companies, including producers of baby foods and specialty nutrition products. The company operates five plants in Russia, Ukraine and New Zealand. Nutritek's founder Georgy Sazhinov currently owns a 40-percent stake in the company. Marshall Capital owns 35 percent, while the remaining 25 percent of the shares are in free float.