Bank Rossiisky Kredit to Pay Creditors
- By Unknown
- Aug. 16 2000 00:00
The Agency for Restructuring Credit Organizations, or ARKO, and the bank circulated a statement saying that clients whose balances do not exceed 30,000 rubles ($1,100) will be able to receive their money a week after submitting an application.
Clients whose accounts held more than 30,000 rubles will receive that amount in cash and the rest in veksels with a maturity of up to 1 1/2 years.
Legal entities will receive their money in 10 years, while the government is slated to receive its funds in six years.
ARKO will issue the bank a loan to bridge the gap that is likely to arise when the payments start.
Earlier this month, a New York court issued an injunction that grants the bank provisional immunity from lawsuits in the United States.
The bank?s assets were valued at between $200 million and $300 million, according to earlier estimates.