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Rosbank's application for major developer's bankruptcy to be heard on Dec.14

15:33 25/11/2011

MOSCOW, November 25 - RAPSI, Natalia Belova. A court has postponed until December 14 its hearing of Rosbank's bankruptcy application for MIEL Holding's subsidiary, the Russian Legal Information agency (RAPSI) reports from the courtroom.

The MIEL Holding was founded in October 1990. In 1993, it became a real estate agency.

Rosbank became one of Russia's top five banks in terms of its loan portfolio after merging with BSGV on June 30.

The court delayed the hearing after it involved the Moscow Regional Development Ministry to act as a third party in the bankruptcy case.

MIEL 3C earlier told the court that the company ceased its operations and employed no staff.

It was earlier reported that the court registered in September Rosbank's bankruptcy petitions filed against MIEL's Barviha-Village, MIEL Real Estate, MIEL Suburban Real Estate Investments, MIEL 3C and Golden Mile (Zolotaya Milya).

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

Rosbank sought the loan's early repayment after Barviha-Village defaulted on the scheduled principal and interest payments.

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Rosbank's application for major developer's bankruptcy to be heard on Dec.14

15:33 25/11/2011 A court has postponed until December 14 its hearing of Rosbank's bankruptcy application for MIEL Holding's subsidiary.
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