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May 20, 2011

The court made a decision. The parties are preparing for the signing of the settlement agreement

the Moscow Arbitration court recently issued a decision on the claim by OJSC AKB "ROSBANK" to "MIEL". The claim raised issues related to investments in Moscow real estate and debt restructuring. The court satisfied the claim, the parties are preparing for the signing of the settlement agreement and discuss scenarios of debt restructuring.

the Trial lasted about 2 months, at this time the parties tried to settle the debt-related questions. According to Tamara Pelenitsyna, senior Vice President of the Bank, recourse to the court is a forced decision due to internal procedures and banking regulations, but this does not indicate an uncompromising stance, on the contrary, the Bank is ready to negotiate. Tamara Pelenitsyna claims that the Bank and real estate Agency "MIEL" are old partners, so the financial organization expects to successfully solve the problem of loan restructuring.

Sergei Ivanov, Director of investment and credit Department of the group of companies "MIEL", said that an appeal to the court is quite familiar with the way of reaching agreement between the parties. The settlement agreement provides an opportunity to determine the method and procedure of execution of the court decision. Achieved as a result of this trial agreement will be the basis of the document regulating payment schedule that will allow to finish the construction of the facility and to settle with OJSC AKB ROSBANK.


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