Gazprombank's appeal in $109 mln claim against smelter to be heard on Mar.13
MOSCOW, February 24 - RAPSI. A commercial court of appeals will hear on March 13 Gazprombank's appeal against dismissing its $109 million claim against a Far Eastern smelter, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).
The Khabarovsk Territory Commercial Court held against the bank's lawsuit against Amurmetall. The bank disagreed and contested the judgment.
The bank believes that there is a repayment risk given Amurmetall's financial and business state.
Amurmetall is the only Russian electrometallurgical works in the Far East. It smelts steel for bar-rolled stock and flat products. The company suspended production due to a lack of operating capital and the unfavorable global situation in May 2009. Although it resumed functioning in July, it underutilized its capacities for a long period.
Amurmetal entered into a settlement agreement with its creditors in December 2009 as part of its bankruptcy case initiated in June by the Khabarovsk Territory Commercial Court. Under the settlement, the company agreed to repay its debt to the lenders based on the amortization schedule.