MKS clears debt to VTB Bank

MKS (KVIN) announced on Friday that it cleared its debt to VTB Bank by transferring control of two outlets in the Moscow and Cosmos retail centers in Kharkiv, Interfax reported. Both outlets were named as collateral in a loan agreement. MKS began bankruptcy proceedings in June 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.