Pharmacy Chain 36.6 Protek creditor increases pressure

Pharmacy Chain 36.6 creditor Protek has raised pressure in the payment dispute between the two firms by suing for the bankruptcy of 36.6's drug manufacturing operation Veropharm. Veropharm acted as the guarantor in a RUB22 million (USD697,300) deal between Protek and another unit of 36.6 and Protek said the guarantee made Veropharm liable for payment in the deal, which it said it never received. Denying this, 36.6 spokeswoman Irina Lavrova told Reuters: "We have settled all payments owed to Protek for which Veropharm acted as guarantor. We do have unpaid debts to Protek, but they are in no way connected to Veropharm guarantees." Pharmacy Chain 36.6 owes a total of RUB225 million (USD7 million) to Protek, which owns rival drug chain Rigla.

UralSib Bank have signed an agreement to restructure Pharmacy 36.6’s USD26.95 million credit line, the local press reported. UralSib bank extended the maturity date of the existing credit line until 25 December 2010

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