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Russian bank seeks $47.4 million from JFCThe St. Petersburg and Leningrad Region Commercial Court has registered Sberbank's lawsuit against Cargo JFC -part of the JFC group- to recover $47.4 million of debt.
The trial date has yet to be set. JFC, the head company of the group, has been brought into the case as third party. It went into administration in March.
According to JFC, Cargo JFC, like Bonanza International, whose bankruptcy case is scheduled for hearing next month, acted as borrowers under a syndicated loan facility of up to $88 million and 1.5 billion rubles ($51 million).
The loan agreement was approved by an extraordinary meeting of JFC shareholders on March 9, 2011. The loan arrangers included Raiffeisenbank, Sberbank, Amsterdam Trade Bank, UniCredit Bank and Banque Societe Generale Vostok.
Raiffeisenbank and Sberbank have requested a commercial court to have their claims entered into the JFC schedule of creditors. The court records have not yet specified the debt amount that these creditors want to be included in the registry.
JFC reported earlier that it sold up to 30 percent of its products to southern Mediterranean countries and sustained substantial losses in 2011 due to disrupted business relations, market share loss and unrecoverable debts.
The St. Petersburg and Leningrad Regional Commercial Court will handle on May 15 Bonanza International's, application for own bankruptcy. Bonanza International is a member of JFC.
The applicant has been ordered to provide its latest accounting balance sheet and an appraisal report on its assets' value should one be available.
Publication date: 4/17/2012
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