MOSCOW, May 4 - RAPSI. The Moscow Commercial Court will hear on June 5 a lawsuit lodged by Roinco Enterprises Limited, Bogatyri and Troika Dialog to recover $9 million in bond debt from Nutritek subsidiaries.
The plaintiffs seek debt repayment from the bonds issuer and its guarantor, Nutrinvestholding and Nutritek Baby and Special Food. They also seek to terminate the bond indenture.
The plaintiffs purchased Nutrinvestholding bonds in 2009. Bogatyri purchased 221,136, Roinco - 11,738 and Troika Dialog - 71.
The bonds were set to mature in 2014, but the companies later decided to sue the bond issuer and its guarantor after it failed to pay the second and third coupon yields.
Nutrinvestholding placed bonds worth 1.320 billion rubles ($44.8 million) in early November 2009 to refinance its liabilities payment.
The defendants claimed in court that the lawsuit was groundless and the companies are not entitled to an early bond indenture termination.
Nutritek was founded in 1990. It runs seven factories producing baby and customized foods - five in Russia, one in Ukraine and one in New Zealand.
Nutritek first defaulted on Eurobonds redemption in late 2008. It then defaulted on a ruble bonds retirement in mid-2009. Eventually, its debt reached $200 million in early 2010. The company then started to restructure the debt, but a number of creditors went to court. Nutritek failed to pay dividends for 2008 and 2009.
The court put Nutrinvestholding into administration pending its bankruptcy.