Unicredit Bank wins lawsuit against Nutritek
MOSCOW, January 31 - RAPSI, Natalia Belova. A commercial court satisfied on Tuesday Unicredit Bank's lawsuit to recover $13.3 million in debt from Nutritek, the Russian Legal Information Agency (RAPSI/rapsinews.com) reports.
Nutritek's parent company Nutrinvestholding has been involved in the case as a third party.
Nutritek is a guarantor under a loan agreement with Unicredit Bank.
The loan was issued to Nutrinvestholding in 2008. The borrower defaulted and requested debt restructuring. The bank agreed and concluded supplementary agreements. Nevertheless, the company violated its obligations again, and the bank was entitled to early loan repayment.
Nutritek was established in 1990. It comprises five factories producing baby and customized foods - five in Russia, one in Ukraine and one in New Zealand.
Nutritek first defaulted on Eurobonds redemption in late 2008. In mid-2009, it defaulted in ruble bonds retirement. Eventually, its debt totaled about $200 million as of early 2010. Later, the company began to restructure the debt, but some creditors went to court.
Nutritek failed to pay dividends for 2008 and 2009. The court put Nutrinvestholding into administration pending its bankruptcy.
UniCredit Bank is a Russian commercial bank with international capital. It specializes in providing services for corporate and private clients, as well as in corporate financing and treasury operations. It was founded under the name of International Moscow Bank in 1989. Now it has 106 branches in Russia and almost 3700 employees.