MKS gives up management of last five retail outlets

MKS (PFTS: KVIN UZ) gave its last five retail outlets out to be managed by electronics retailer DiaWest Kommersant reported this morning. DiaWest CEO Mikhail Baluk said it took five outlets under management, but did not disclose the former manager. He said the relevant contracts were signed this month. MKS announced in November 2009 that it cleared its debt to VTB Bank by transferring two outlets in the Moscow and Cosmos retail centers in Kharkiv. Both outlets were named as collateral in a loan agreement. MKS began bankruptcy proceedings in June 2009 in order to prevent a seizure of assets by VTB Bank as a consequence of a dispute over the repayment of a loan in December 2008.