Nafta-Moskva, Millhouse Capital, Sibal Reach Agreement To Buy Avtobank And Ingosstrakh

The Nafta-Moskva Oil Company, Millhouse Capital, and the Sibal Investment and Industrial Group have announced the signing of an equal partnership agreement on acquisition of Avtobank, the Ingosstrakh insurance company as well as the Nosta company and other industrial assets of this group. "The basis of the alliance is the mutual strategic interest of the parties of the agreement in getting reliable partners in the person of the leaders of Russian banking and insurance business," the official statement issued by the companies reads. Additionally, the statement underlined, "the parties of the agreement, which are shareholders in the Nosta company, and also these company's largest creditors, are interested in its financial recovery as soon as possible." For that purpose shareholders in Nosta made a contract with the Russkii Aluminii company, whose managers are obliged to work out and implement an anti-crisis program at the plant as soon as possible so as to create conditions for closing the receivership proceedings against Nosta.