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RBC, 29 Oct 1999, Moscow 11:13:25

Vozrozhdenie Bank Holds Emergency Meeting


An emergency meeting of the shareholders in the Vozrozhdenie Bank will be held today. The question of the bank's restructuring will be discussed with representatives of the Bank Restructuring Agency (ARKO) at the meeting. It is noteworthy that ARKO intends to use a non-traditional plan for the restructuring of the bank: the agency is ready to buy one of the long-term credits of the bank with which it has great problems- a credit of 623 million rubles (about $23.961 million) to AO Cherkizovsk Meat-processing Factory. The credit will be bought with a 30 per cent discount. ARKO will transfer 379 million rubles (about $14.740 million) to the bank and it will give 253 million rubles (about $9.730 million) in promissory notes. The Vozrozhdenie Bank and ARKO will sign a treaty of mutual dependence according to which two representatives of the agency will be present at the supervisory board of the bank.