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Bank of Moscow's $28 mln lawsuit against wineries suspended until May 21

13:45 29/03/2012

MOSCOW, March 29 - RAPSI. The Moscow Commercial Court has suspended on Thursday until May 21 its hearing of the Bank of Moscow's $28.2 million lawsuit against the Millstream Black Sea Wines winery.

Earlier, the parties said they were negotiating the settlement. The bank said on Thursday that the parties need time to finalize debt restructuring issues. In this regard, the bank asked the court to suspend the case once again. The settlement is expected to be submitted to the court during the next hearing.

This is the largest of the four lawsuits filed by the bank against wineries in June. The damages requested in the claims total over 1 billion rubles ($34.3 million).

Earlier, the bank told the Russian Legal Information Agency that it is "following its plan to protect its legitimate interests."

According to the source, the plaintiff seeks the repayment of the outstanding principal amount plus interest under loan agreements, as it is not a shareholder of its debtors, but rather its lender.

Media have alleged that former Bank of Moscow President Andrey Borodin owns the wine producers.

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Bank of Moscow's $28 mln lawsuit against wineries suspended until May 21

13:45 29/03/2012 The Moscow Commercial Court has suspended on Thursday until May 21 its hearing of the Bank of Moscow's $28.2 million lawsuit against the Millstream Black Sea Wines winery.
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