The Supreme Court upheld the refusal of the “Trust” to remove the arrest from the shares of “Cinema Park”
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The Supreme Court of the Russian Federation did not review the decisions of the three lower instances that refused the Trust bank to lift the arrest from 100% of the shares of the Cinema Park company of Alexander Mamut. Judge Yuri Ivanenko rejected the cassation appeal of the Trust, which asked to send the issue for review to the Judicial Collegium for Economic Disputes, RIA Novosti reports.
In 2021, the cinema chain filed four claims for loan restructuring against the Trust. Cinema Park called the loan terms of 2017 irrelevant because the company did not receive sufficient revenue due to the restrictions then in place against the backdrop of COVID-19. The debt of the cinema network at the time of filing the claims exceeded 2.8 billion rubles. The arrest on the shares, which belong to the Cypriot company CP Invest (Overseas) Limited, was imposed as an interim measure to prevent the Trust, as the defendant, from foreclosing the collateral.
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