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Court to hear Gazprombank's $99 mln lawsuit against steel manufacturer

Tags: Russia, Moscow
15:23 01/11/2011

MOSCOW, November 1 - RAPSI, Alyona Yegorova. A commercial court has scheduled for November 28 its hearing of a $99.6 million lawsuit filed by Gazprombank against a Far Eastern steel manufacturer, the Russian Legal Information Agency (RAPSI) reported.
Gazprombank is suing Amurmetal for debt that resulted from a loan.

Amurmetal entered into an amicable agreement with its creditors in December 2009 as a part of it bankruptcy case. The bank's claim in the steelmaker's bankruptcy case was the same as its claim in this lawsuit.

Gazprombank's lawyer said the agreement is presently being fulfilled. He also said the lawsuit has nothing to do with termination of the amicable agreement. He added that the agreement permits reclaiming the loan if the debtor violates its contractual obligations.
Furthermore, the bank concluded that there is a risk Amurmetal may default in the loan repayment following a review of its financial and economical activities.
Amurmetal is the largest steel manufacturer in the Far East. It operates steelmaking facilities capable of producing 2.15 million tonnes of steel per year. It employs about 4,000 people.

Amurmetal was forced to close its operations in May 2009 due to financial troubles and an unfavorable situation on global markets. Manufacturing resumed in July at half capacity.

The Khabarovsk Territory Commercial Court commenced a supervisory procedure against Amurmetal in June 2009.

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Court to hear Gazprombank's $99 mln lawsuit against steel manufacturer

15:23 01/11/2011 A commercial court has scheduled for November 28 its hearing of a $99.6 million lawsuit filed by Gazprombank against a Far Eastern steel manufacturer, the Russian Legal Information Agency (RAPSI) reported.
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