Crushed stone producer's insolvency statement to be heard on Nov. 23
MOSCOW, November 1 - RAPSI, Natalya Belova. A commercial court shelved until November 23 the hearing of an application filed by Sberbank Kapital to recognize Pavlovskgranit's subsidiaries, Pavlovskgranit-Invest and Vitera as insolvent, the Russian Legal Information Agency (RAPSI) reported from the court on Tuesday.
Pavovskgranit is a major Russian producer of crushed stone.
Sberbank-Kapital's representative said at the hearings that the bank had to submit insolvency statements because Pavlovskgranit and Vitera failed to pay loan debts worth over four billion rubles ($130 million).
The court's decision to recover the debt has already come into effect.