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Eurasia-Tower builder files for bankruptcy

17:32 11/10/2011

MOSCOW, October 11 - RAPSI, Sergei Feklyunin. A commercial court registered on Tuesday a developer's petition for own bankruptcy, the court told the Russian Legal Information agency (RAPSI).

The date for considering the petition in terms of its validity has yet to be scheduled.

The Moscow Commercial Court suspended on September 9 its proceedings in the Sberbank (Savings bank) lawsuit for 5.2 billion rubles ($162.5 million) from Tekhinvest - a developer established to build the Eurasia-Tower at the Moscow-City business center.

The lawsuit stems from the developer's failure to execute its obligations under a loan provided in June 2008. According to Sberbank, the loan will mature in 2013. However, the borrower has not fulfilled its contractual obligations since February.

The bank seeks debt recovery through levying execution on the pledged property.

Tekhinvest was set up by the MosCityGroup and the Eurasia investment and industrial group to implement the Eurasia-Tower project. Sberbank provided a $500 million credit facility to this end.

Eurasia-Tower is a 70-story building with an area of 208,000 square meters.

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Eurasia-Tower builder files for bankruptcy

17:32 11/10/2011 A commercial court registered on Tuesday a developer's petition for own bankruptcy.
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