RUSSIA: Alfa Bank GAZ debt hearing postponed again
Author: just-auto.com editorial team | 26 November 2009
The Moscow Arbitration Court has again postponed hearings for two Alfa Bank lawsuits demanding repayment of over 1 billion rubles from two units of automobile maker GAZ Group.
This time the hearing was postponed until 25 December, because the parties are still holding talks on an amicable settlement of the debts, Prime-Tass reported. Not all issues have been resolved yet, a representative of Alfa Bank said in court on Thursday.
Alfa Bank is seeking repayment of a RUB535.76m debt from Automobile Plant GAZ and a RUB637.79m debt from TZK GAZ.
The court has postponed the hearings several times due to the talks on an amicable settlement.
The court is also scheduled on Friday to hear Alfa Bank's RUB504.7m claim against Automobile Plant GAZ and a RUB550.35m claim against TZK GAZ. The bank and the units are also in talks over terms for amicable settlement of these debts.
The total debt of GAZ Group and its parent company, holding Russian Machines, to Alfa Bank amounts to about RUB8bn.
Automobile Plant GAZ produces GAZ vehicles, and TZK GAZ purchases metals and component parts for GAZ Group.
Sectors: Financial, Vehicle manufacturers
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