Bankruptcy process against City’com taken up by court
2010-09-06
On 2 August 2010 the Kiev Arbitration Court started bankruptcy proceedings against City’com, the owner of the City.com chain of consumer electronics in Ukraine. The matter was instigated by Alfa-bank, the owner of City’Com bonds. The company provided two bond issues worth UAH 50m ($6.3m) each but was unable to buy those securities out in 2009. After those defaults Alfa-bank decided to take legal action against the company.
Alfa-bank’s attempts to retrieve the money owed were impeded: at the beginning of 2009 the main component of City’com changed its legal character and was managed by a different operator, Personalnaya elektronika. After this, City’com owned only five establishments, jointly taking up about 8,000 m2. In order to retrieve its money Alfa-bank is prepared to ask law-enforcement bodies to initiate a property diversion criminal case.
In Q1 2009 (according to the latest data available) City’com owed about UAH 190.5m ($23.8m).
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