Sergei Bakeshin has commented to Kommersant on Intertorg’s bankruptcy move to Sberbank’s control

Sberbank succeeded in replacing the bankruptcy trustee of Intertorg Trade House and gaining control over the bankruptcy proceedings of the retailer, which operated around 450 shops in the North-West region and Moscow under the Spar and Narodnaya Semya brands. At the beginning of 2020, Intertorg closed all of its stores, accumulating more than 17bn roubles in debts, almost half of which were debts to Sberbank for a loan of 8.1bn roubles.

Sergei Bakeshin, Head of Dispute Resolution and Insolvency Practice at Maxima Legal drew attention of Kommersant newspaper to the fact that company controlled by Sberbank, SBK Grand, had got the majority of the creditors register which allowed the creditor to guarantee a proper inventory of the property and approve the sale on the most favorable terms. According to the expert’s assessment, Sberbank is unlikely to be able to recover the debt in full, but it has a chance of a higher percentage of its claims being satisfied.

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