Hearing of Russian Magnesium Bankruptcy Case Put off

26 November 2012 (09:37)

November 26, 2012. Sverdlovsk Region Arbitration Court postponed the hearing of Russian Magnesium bankruptcy case because not enough materials are currently available for the case, the court’s website states.

Now in September, Sverdlovsk Region Arbitration Court’s website carried an announcement that Asbest-based Russian Magnesium submitted a bankruptcy application with them.

The company’s primary shareholder, the Swiss Minmet Financing Company S.A., stopped financing the project altogether in November 2011. This was exactly why the company now owes about 60m RUR in terms of wages, taxes, and the payment for the completed draft project by Uralgipromez.

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