UPDATE: Russia’s Transcapitalbank plans to file for TGC-2 bankruptcy

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MOSCOW, Mar 17 (PRIME) -- Russian bank Transcapitalbank plans to file a bankruptcy suit against Territorial Generating Company-2 (TGC-2) to an arbitration court, as seen by PRIME Thursday in materials of the federal register for data on operation of legal entities.

A representative for TGC-2 said that the company and the bank have never been in credit relations, and Transcapitalbank’s right to demand redemption of a 25 million ruble debt was received through a chain of debt assignment deals, so the credit recovery principle should not be applied to the debt.

“Actions of Transcapitalbank should be perceived as misbehavior. TGC-2 has sent a complaint about Transcapitalbank’s actions to the central bank already on February 25,” the representative said.

TGC-2 operates electric and thermal power plants in the Arkhangelsk, Vologda, Kostroma, Novgorod, and Yaroslavl regions in the northern and central Russia and in the Macedonian city of Skopje.

(71.0256 rubles – U.S. $1)

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