Wednesday, January 14, 2009

VTB filed a lawsuit against the developer PIK at 2.7 billion rubles

VTB Bank filed a lawsuit against a group of companies to demand the return of FDI over 2.7 billion rubles (90 million dollars). As explained in the bank, developer has not fulfilled on time their financial obligations. In turn, the PIC stated that the company is working on restructuring the debt, and called the lawsuit " misunderstanding," writes RBC daily.

VTB lawsuit from a group of FDI was recorded yesterday at the capital's Court of Arbitration in the category of "economic disputes on civil matters."

"Group structure of FDI had not been repaid on time earlier VTB bank borrowing," - said the representative of the press-service bank Tatyana Yurovsky. She explains that a claim in arbitration was filed in connection with the failure of the borrower of the commitments undertaken "to resolve the situation and return of funds the bank."

At the same time, the PIK Group argue that the negotiations on the restructuring of the debt. According to the press service of FDI, the negotiations are in an advanced stage. He suggests that the interruption was caused by a claim from a long New Year holidays, which of the possible change in credit conditions had not reached all levels. The bank confirmed that negotiations with the PIC of the debt restructuring.

The question of what obligations are overdue, both sides left unanswered.

VTB was the claim is not the first filed for arbitration against the CC PIC, however, is the largest of them, and only on bank lending. First money from the developer through the arbitral tribunal sought primarily for the supply and outsourcing contracts. Since September 2008 at the Arbitration Court of Moscow reported claims by the group companies of FDI of more than 3.05 billion rubles.

Address the issue of debts of FDI from 23 January will have a new group finance director Anne Kolonchina from Deutsche Bank. The company withdrew Eugene Moon, directed the finance team for nearly three years. In 2007, he held the most successful IPO of development companies, said RBC daily.

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