MOSCOW, July 5 - RAPSI. The Moscow Commercial Court accepted the Foreign Economic Banks (VEB) action against the Don-Stroy development company to recover $145.5 million in debt, the court told the Russian Legal Information Agency on Thursday.

The complaint was filed on July 4 and its hearing date has yet to be scheduled. The Don-Stroy subsidiaries Soling and Complex-Stroy will act as co-defendants.

In December 2007, Svyaz-Bank provided Soling a $115.5 million credit facility for a five-year term at 10-percent interest per annum. In view of the financial crisis, the rate was increased on two occasions and reached 15 percent. Don-Stroy and Complex-Stroy were the guarantors. In 2011, claims under the facility were assigned to VEB, which engaged in the lenders rehabilitation.

VEB and Don-Stroy litigated the claims under the credit facility agreement several times.

Don-Stroy Invest is one of Moscows largest developers. In partnership with VTB, a banking leader, the company implements projects at the highest market levels.
Its 2011 proceeds amounted to 10.407 billion rubles ($323 million) and it plans to increase them by 24 percent to 12.983 billion rubles ($403 million) in 2012.