Sergei Bakeshin has estimateв for RBC the chances of Sberbank recovering more than 8bn RUB of debt from Intertorg Trade House

The Thirteenth Commercial Court of Appeal has replaced the bankruptcy trustee in the insolvency case of Intertorg Trade House, the former fourth largest food retailer in St Petersburg. According to a number of creditors, the previously appointed bankruptcy trustee may have acted in the interests of the retailer, while the new trustee will help to find Intertorg’s missing property and money in its accounts, challenge some of the suspicious transactions and recover losses from the business beneficiaries.

The total amount of creditors’ claims exceeds 17 billion rubles, of which over 8 billion rubles is the retailer’s debt to Sberbank. The bank is involved in the bankruptcy case through a controlled company, SBC Grand, representing two of the three members of the newly formed creditors committee. Sergei Bakeshin, Head of Dispute Resolution and Insolvency Practice at Maxima Legal, explained to RBC that the bank does stand a chance of getting a higher percentage of its claims satisfied, but it is unlikely to be able to recover the debt in full.

To read the full article (in Russian), please see RBC website >>>