13 July 2010

Russian household appliance and electronics retail chain Tekhnosila has been placed under supervision following the company’s bankruptcy application, by the Arbitration Court for the Moscow Region. The court also scheduled a hearing on the company’s bankruptcy case for 23 December.

Creditors’ claims to Tekhnosila were estimated at RUB8.8 billion (USD281 million). Russian arbitration courts are also expected to consider a bankruptcy motion from Great B, a unit of Tekhnosila that owns real estate in Moscow and the Moscow Region, as well as several creditors’ claims against Tekhnosila. In May, the Arbitration Court for the Moscow Region seized some property of Tekhnosila as an interlocutory injunction following a debt lawsuit from NOMOS-Bank. According to earlier reports, the seized property includes seven of the retailer’s stores in Moscow and the trademark Tekhnosila. The retailer’s debt to NOMOS-Bank amounts to USD60.5 million.