Court rules $12.6 million to be claimed from leading baby food producer
MOSCOW, September 23 - RAPSI, Alyona Yegorova. The court awarded Unicredit Bank, Russia's major financial institution, $12.6 million in its lawsuit against Nutritek, a leading baby food producer, the Russian Legal Information Agency (RAPSI) reported.
The bank sought to recover the principal debt and interest for the loan it granted to the baby food producer in February 2008.
Unicredit Bank is one of Russia's leading banks. It was established under the name of International Moscow Bank in 1989 and was the first Russian bank to operate on the international financial markets. It has more than 106 branches in Russia.
Nutritek Group was established in 1990. It produces and sells baby and special food in Russia, Ukraine, Estonia and New Zealand. The company operates five production plants, three of which are located in Russia, one in Ukraine and New Zealand.
It was earlier reported that Nutritek failed to meet its obligations under the loan and requested the bank to restructure the debt. The bank agreed to restructure the loan and entered into additional agreements with the debtor. Nevertheless, the bank claimed the early debt repayment after Nutritek repeatedly failed to fulfill its obligations.