2 July 2010
According to daily Kommersant, HSBC Trustee (C.I.) Ltd sued Bank Nadra, claiming the latter owns it USD 60 mln. Nadra temporary administrator Valentina Zhukovska, in turn, stated that HSBC Trustee is a shareholder rather than creditor. The litigation could hinder or, at least, delay Nadra’s recapitalization by the state. In June Nadra completed restructuring of its USD 175 mln Eurobonds, prolonging them by seven years and applying a 47% haircut.