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Basic Element assigns $20 mln claims to Siberian utility

12:10 24/01/2012

IRKUTSK, January 24 - RAPSI. Four Basic Element's subsidiaries assigned to Ikrutskenergo their claims to Baykalsk Paper and Pulp Mill amounting to $19.84 million, reads the mill's Tuesday press release.

Baykalsk Paper and Pulp Mill received letters from Irkutskenergo that it would assume the mill's debts run up by subsidiaries owned by business tycoon Oleg Deripaska.
According to the mill, Bravelink Limited assigned to Irkutskenergo claims totaling 135.5 million rubles ($4.37 million), Troitsk Paper Factory assigned 49.56 million ruble ($1.6 million) claims. Gerbera -- 140.59 million ruble ($4.54 million) and Mahavir Investments Ltd -- 288.4 million ruble ($9.32 million) claims. All are affiliates of the Basic Element which was a party to the Irkutksk Commercial Court proceedings over the mill's bankruptcy.

In 2010 the Irkutsk Region Commercial Court put the mill into bankruptcy administration until June 22, 2012. Its accounts payable, amounted to 1.7 billion rubles ($54.95 million) while the assets were estimated at 1.6 billion rubles ($51.71 million) as of late 2010. Alfa Bank is the mill's main creditor, which currently controls the mill.

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Basic Element assigns $20 mln claims to Siberian utility

12:10 24/01/2012 Four Basic Element's subsidiaries assigned to Ikrutskenergo their claims to Baykalsk Paper and Pulp Mill amounting to $19.84 million.
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