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Bank of Moscow, winery try to settle $26.5 mln dispute again

12:55 23/11/2011

MOSCOW, November 23 - RAPSI, Alyona Yegorova. A commercial court postponed on Wednesday until November 29 its proceedings over the Bank of Moscow's lawsuit against Millstream Black Sea Wines for $26.5 million in debt under a loan, the Russian Legal Information Agency (RAPSI) reports from the courtroom.

Bank of Moscow ex-president Andrey BorodinBank of Moscow ex-president Andrey Borodin

The parities said at a court session again that they are negotiating a settlement. "We are considering a draft settlement agreement," the bank's lawyer said. He requested the court to postpone the hearings for a short period to allow the parties time to agree upon the settlement's terms and conditions.

This is the largest of four lawsuits filed by the bank against wineries in June. The bank claims a total of over 1 billion rubles ($32 million).

The bank told RIA Novosti that it is committed to defending its interests in court, where it has been recovering debts owed to it under loan agreements. The bank observed that it will go after these debts because it is not, after all, a shareholder of its debtors, but, rather, their lender.

The other parties to the suits have thus far not commented to RAPSI.

Business media deem former Bank of Moscow president Andrei Borodin to be the owner of the debtor-companies.

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Bank of Moscow, winery try to settle $26.5 mln dispute again

12:55 23/11/2011 A commercial court postponed on Wednesday until November 29 its proceedings over the Bank of Moscow's lawsuit against Millstream Black Sea Wines for $26.5 million in debt under a loan.
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