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Regional court backs NC claim

Aviastar faced with $10m loan repayment, but may appeal (112 words)

Published: 10/18/2001

On 15th October, the Rostov Arbitrage Court found in favour of New Community (NC) in its claim demanding the repayment of the funds that it lent Aviastar SP during its period of management. Under the court's decision, the plant will have to pay back almost $10m to the industrial holding company. Despite earlier statements from Tupolev, the plant's controlling shareholder, that the money will be repaid, Alexander Savostyanov, spokesman for NC, believes the plant will appeal against the regional arbitrage court's decision. Valery Savotchenko, the plant's new General Director, was reluctant to discuss Aviastar's response to the ruling.

Article ID: 2834

 

 

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