MOSCOW, December 20 - RAPSI, Dmitry Shchitov. The Moscow Commercial Court declared on Monday a recess until December 21 in considering the Soyuz bank's application for Bustier's bankruptcy, the Russian Legal Information agency (RAPSI/rapsinews.com) reported from the courtroom.
Bustier operates the eponymous chain, which is part of Wild Orchid Group. Wild Orchid Group has owned lingerie and men's underwear shops since 1994. The chain consisted of 271 outlets in Russia and 37 in Ukraine.
The recess is needed to allow the parties to specify their positions in the dispute.
Earlier, the court terminated its Soyuz-initiated bankruptcy proceedings against Bustier as the bankruptcy application was signed by an unauthorized person, although the bank maintained that the relevant authority was provided by the power-of-attorney.
The Moscow Commercial Court put Wild Orchid Group into administration on November 1. Its bankruptcy case will be heard on its merits on May 15.
The group has filed for own bankruptcy because its trade liabilities amount to 1.082 billion rubles ($33.7 million), assets are estimated at 1.5 billion rubles ($46.7 million), while the retained loss amounts to 735 million rubles ($22.9 million).
On top of it, the group has wound up its operations and has no outlets, production facilities or trademarks.