Court sets main hearing on VTB's 3 bln ruble lawsuit against Mechel for Dec 5
MOSCOW. Nov 21 (Interfax) - Moscow Arbitration Court has set the main hearing on VTB's 2.99 billion ruble lawsuit against Russian mining and steel company OJSC Mechel for December 5, an Interfax correspondent reported from the court.
The court has also received a counterclaim on the changes made to the terms of the loan agreement.
The counterclaim was filed at the last session, though a decision on whether it will be heard has not been made yet.
The defendant said at the time that the counterclaim was brought about by the sharp drop in prices for its products, and also by the fact that "the Russian consumers are backing out of the signing of agreements with them, which was impossible to foresee before." Mechel is asking that changes be implemented in the agreement as concerns interest payments starting in March 2014. Otherwise, one lawyer said, this could lead to the company's bankruptcy.
The bank has left it to the decision of the court on hearing the counterclaim.