Russia: JFC cases aim to recoup US$93M debt
Russia's largest fruit company JFC Group will soon take two businesses to court in a bid to recover debts worth RUB2.95 billion (US$93.44 million), but this is still only a fraction of what it owes its own creditors in ongoing bankruptcy procedures.
The St. Petersburg and Leningrad Region Commercial Court is scheduled to hear claims of RUB18.156 billion (US$575 million) against JFC, website Rapsinews.com reported.
Creditors owed money by the Russian fruit giant include Sberbank, Raiffeisen Bank, Amsterdam Trade Bank, OTP Bank Plc, Bank of Moscow, St. Petersburg Bank, Promsvyazbank and Ursalib,
In four different lawsuits to be heard in the court on Aug. 14 and Sep. 26, JFC will make its case to recover debts from Moscow's National Fruit Corporation and Whilm Management.
The group cited global market difficulties and the Arab Spring as reasons for its bankruptcy application in February, while its subsidiaries Bonanza International and Cargo JFC have also gone into administration since then.
The integrated company's operations include fruit production, storage and distribution, as well as sales in Europe, the Middle East and the Commonwealth of Independent States.
The company holds 3,000 hectares of banana plantations in Ecuador and Costa Rica.