Gold Price Monitor Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: paul ross who wrote (60264)	10/29/2000 9:54:45 PM
From: long-gone	Read Replies (1) of 116762

The next bailout? ft.com europe -------------------------------------------------------------------------------- Russian banks' creditors lose US court case By Andrew Jack in Moscow Published: October 26 2000 17:06GMT \| Last Updated: October 27 2000 14:18GMT Two US court rulings have considerably weakened the scope for foreign creditors to seek international legal redress against Russian companies in bankruptcy proceedings, the participants said on Thursday. The judgments in favour of Rossisky Kredit bank, which is being restructured under the supervision of the state bank restructuring organisation, strengthen the perceived credibility of the Russian bankruptcy courts and limit the possibility of freezing assets held abroad. The action comes in spite of continued widespread concerns - acknowledged even by the Russian government - of weaknesses in the domestic court system, and the potential for corruption. The judgments in New York clear the way for Rossisky Kredit - one of Russia's largest commercial banks, which collapsed in the wake of the August 1998 financial crisis - to reach an amicable agreement with its creditors that will lead to pay-outs over 10 years. They also appear to bring an end to a rare example of a high-profile attempt by foreign creditors to seek legal action against a Russian bank in an effort to recover significant sums owed to them since 1998. Most simply wrote off the debts or accepted very modest settlements. "This is a very important decision not only for our bank but for the banking system," said Alexander Livshits, head of Rossisky Kredit. "It is a step towards normal worldwide banking prac- tice in the way to resolve the problems of Russian banks with temporary difficulties." (cont) news.ft.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next