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Maxi Group's bankruptcy proceedings extended by six months

13:21 10/02/2012

MOSCOW, February 10 - RAPSI. The commercial court extended on Friday Maxi-Group's bankruptcy proceedings for another six months.

The bankruptcy case was initiated by Novolipetsk Iron & Steel Corporation (NLMK).

Bankruptcy administrator Evgeny Ryndenko said on Friday that "the assets have not been yet sold and the company has yet to settle accounts with its creditors."

He also noted that claims amounting to 7.579 billion rubles ($255 million) have been entered into the schedule of creditors. Its two creditors NLMK and Nikolai Maximov seek 5.9 billion rubles ($199 million) and 1.7 billion rubles ($56 million) respectively.

According to Ryndenko, Maxi-Group has no real or movable property, but it has investments and receivables. The Moscow Commercial Court has scheduled August 9 for hearing the bankruptcy administrator's report.

The court declared Maxi-Group bankrupt on August 25, 2011. The same month Ryndenko stated that it is solvency is impossible to rehabilitate as it is not engaged in business activity.

It was also reported that the supervision procedure had exposed signs of fraudulent bankruptcy.

NLMK is one of the world's leading steel producers. Its output reached 11.5 million tonnes and proceeds $8.35 billion in 2010.

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Maxi Group's bankruptcy proceedings extended by six months

13:21 10/02/2012 The commercial court extended on Friday Maxi-Group's bankruptcy proceedings for another six months.
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