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Travel agency's insurer to pay debts exceeding $100 mln

17:55 29/11/2011

MOSCOW, November 29 - RAPSI, Dmitry Shchitov. The Innogarant insurance company, which underwrites the Capital Tour travel agency's liability, said in court on Tuesday that it may pay back all its debts as indicated in its bankruptcy application, the Russian Legal Information Agency (RAPSI) reported from the courtroom.

Innogarant has been operating since 2000. Its charter capital is $52.64 million.

Capital Tour was established in July 2003 as the first universal international travel agency. It is one of Russia's top three travel agencies. It sells medium - and high-budget tours to 40 countries via over 20,000 travel companies in Russia, the Commonwealth of Independent States and the Baltic states.

On November 16, 2010, Capital Tour suspended its activities. At the time, more than 8,000 of its clients were based abroad. In mid-December 2010, Innogarant, which insured the travel agency's liability, said it would pay compensation to the travel agency's clients proportionally, as the total amount of damages exceeded $100 million.

Meanwhile, the Federal Service for Insurance Supervision said in February that it had received complaints that Innogarant was not paying the travel agency's liability.

On Tuesday, the Moscow Commercial Court was scheduled to examine about 10 applications on Innogarant's bankruptcy. However, the hearings were postponed until December 21 as the debtor said it would pay its debts.

About 10 applications have been filed to recognize the insurer's bankruptcy. Some applications were shelved by the court, as they did not correspond to the bankruptcy law's requirements.

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Travel agency's insurer to pay debts exceeding $100 mln

17:55 29/11/2011 The Innogarant insurance company, which underwrites the Capital Tour travel agency's liability, said in court on Tuesday that it may pay back all its debts as indicated in its bankruptcy application
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