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. Last Updated: 07/27/2016

ARKO Pays Rossiisky

The Agency for Restructuring Credit Organizations, or ARKO, said Tuesday it gave Rossiisky Kredit 480 million rubles ($17.3 million) to pay off its creditors — 17 percent of the total $105 million set aside for the bank’s restructuring program.

The payments will be made according to an agreement reached with most of Rossiisky Kredit’s creditors in mid-August, which was approved by a Moscow arbitration court.

Two percent of the bank’s creditors, however, to whom it owes a total of $10 million, did not sign the agreement. This froze some payments for the next 10 years and is being contested in courts overseas.