MOSCOW, October 25 - RAPSI. The Moscow Commercial Court extended the bankruptcy proceedings of Nutrinvestholding, a parental company of the Nutritek group, for six months, the courts representative told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Thursday.
Thus the court satisfied a motion by Denis Lebed, the company's bankruptcy receiver. A next bankruptcy hearing will be held on April 2, 2013.
The Moscow Commercial Court declared Nutrinvestholding bankrupt in March. It became known then that it was not possible to restore the company's solvency. The debtor's representative also reported that they would not be able to settle its accounts with its creditors.
The bankruptcy procedure was initiated by the company in October 2011.
Nutritek was established in 1990. It comprises five plants in Russia that produce baby and other special needs foods. There is also a plant in Ukraine and one in New Zealand.
Nutritek first defaulted on its Eurobonds redemption in late 2008. In mid-2009, it defaulted in ruble bond retirement. Eventually, the company's debt totaled about $200 million as of early 2010. Later, the company began to restructure the debt, but a number of creditors went to court over the insolvency.
Nutritek failed to pay dividends for 2008 and 2009. The court placed Nutrinvestholding under administrative authority pending its bankruptcy.