MOSCOW, October 4 - RAPSI, Dmitry Shchitov. A commercial court extended for six months Fundament Bank's bankruptcy proceedings, the court told the Russian Legal Information Agency (RAPSI) on Tuesday.

Fundament Bank was established in Moscow in 1992. It used to be a member of the deposit insurance system.

The bankruptcy manager said a request was filed to extend the proceedings because debts are being collected from the bank's borrowers. Additionally, losses are being recovered from the banks head Vladimir Pogosov and the banks assets are being sold.

In September, the Supreme Commercial Court dismissed an appeal filed by Fundament Bank's founders to review the refusal to invalidate Central Bank of Russia's revocation of the bank's license. The appeal was dismissed as the founders missed the period for appeal.

Earlier, the courts refused to satisfy appeals filed by Nerl+ and Fundament to invalidate Central Bank's decision dated November 14, 2007, which contains the results of the voting on revoking Fundament Bank's license.