MOSCOW, June 9 - RAPSI. The Tyumen Regional Commercial Court has ordered a six month extension to bankruptcy proceedings in the Obneftegaz company owned by businessman Fyodor Khoroshilov, the court told the Russian Legal Information Agency on Saturday.
The request for the extension was submitted by Obneftegaz bankruptcy administrator Igor Kravchenko, who said that some of the bankruptcy procedures have yet to be completed.
In April, the court ruled in favor of Russian Commercial Bank (Cyprus) Limited, part of VTB Group, which sought to have its $378.8 million claim included into Obneftegaz's creditors list.
According to the statement, Obneftegaz signed a loan contract with Russian Commercial Bank (Cyprus) Limited on September 10, 2007. The companies also signed supplementary agreements and a pledge agreement in which Obneftegaz pledged a 100 percent stake in Kondaneft as security for the loan. The pledge value was estimated at 8.84 billion rubles ($270 million).
Russian Commercial Bank (Cyprus) Limited issued a $192.5 million loan to the debtor, however, Obneftegaz defaulted in its obligations. Its total debt to the bank rose to $396.5 million (12.4 billion rubles) including interest and penalties.