Court to Hear Uralvtorchermet vs. Avtoland Sever on March 12

The court hearing of Uralvtorchermet vs. Avtoland Sever has been set for March 12, 2012. The plaintiff insists on being paid 206.47m RUR.

In fact, the claim was placed with Sverdlovsk Region Arbitration Court by MDM Bank.

Nezavisimost Group informed UrBC earlier that the money in question is the debt to the bank resulting from some loan agreements or collateral agreements. The company is now negotiating with the bank regarding the possibility of buying out some of the former Avtoland Group’s debts, but they are not prepared to offer any comment on the success of the talks yet.

Now Nezavisimost Group announced in 2010 that a M&A had taken place and that a joint venture would be created out of Avtoland, which was at that moment one of Russia’s top 20 car dealers.


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