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Court postpones bankruptcy case of Russian gas company

13:23 18/10/2011

IRKUTSK, October 18 - RAPSI. A court has postponed until October 25 the bankruptcy case of RUSIA Petroleum, the former license holder for the Kovyktinskoye gas field, RIA Novosti reported on Tuesday.

Gazprom purchased RUSIA's property at an auction in March 2011 for 25.8 billion rubles ($839.4 million) and obtained the rights to develop the field.

Rosnedra reissued the license for Gazprom on September 30.

RUSIA's major creditors were Rizben Enterprises Ltd., a subsidiary of TNK-BP, and the Federal Tax Service.

The Irkutsk Regional Commercial Court started hearing the bankruptcy administrator's report on the RUSIA's bankruptcy proceedings on Tuesday. The bankruptcy administrator said the company transferred on October 17 11.8 billion rubles ($384 million) to Rizben Enterprises Ltd. and 21 million rubles ($683,200) to the Social Insurance Fund. The payment was effected in eight tranches. The bankruptcy administrator also said RUSIA repaid its debt in full.

Meanwhile, the tax service's representative said the Social Insurance Fund has not received the money yet and requested to postpone the hearing.
The court scheduled the next hearing for October 25.

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Court postpones bankruptcy case of Russian gas company

13:23 18/10/2011 A court has postponed until October 25 the bankruptcy case of RUSIA Petroleum, the former license holder for the Kovyktinskoye gas field.
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