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Court to hear Soyuz bankruptcy statements regarding Wild Orchid

15:48 30/08/2011

MOSCOW, August 30 - RAPSI, Sergei Feklyunin. The Moscow Commercial Court has scheduled for September 6 a hearing into the validity of two Soyuz Bank bankruptcy statements on Wild Orchid Group and Bustier, the Russian Legal Information Agency (RAPSI) was told in court.

The insolvency statements were filed with the court on June 22. Soyuz Bank filed the bankruptcy statement on Wild Orchid on the same day. However, on July 26, the court found the debtor bankrupt under its own statement connected with liquidation.

The creditors required 3.6 billion rubles ($130.8 million) while the companys property is estimated at 1.28 billion rubles ($46.5 million). Sberbank has claimed 2.138 billion rubles ($77.7 million), Wild Orchids liquidator said.

The Wild Orchid group has been developing retail female underwear shops since 1994. Its network comprises 271 shops in Russia and 37 in Ukraine.

Bustier manages the eponymous chain store, it is part of the Wild Orchid group.

State Corporation Deposit Insurance Agency owns 50 percent plus one share in Soyuz Bank. The remaining shares belong to Ingosstrakh, which is part of Oleg Deripaskas Basic Element.

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Court to hear Soyuz bankruptcy statements regarding Wild Orchid

15:48 30/08/2011 The Moscow Commercial Court has scheduled for September 6 a hearing into the validity of two Soyuz Bank bankruptcy statements on Wild Orchid Group and Bustier.
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