Maxima Legal has successfully ended the bankruptcy proceeding in respect of Radio Classic Russia

The Court of Arbitration in St. Petersburg and Leningrad region has ruled to end the bankruptcy proceeding in respect of Radio Classic Russia, CJSC – the first Russian digital radio station to broadcast classic music.

As part of the process, which was initiated in 2012, lawyers of Maxima Legal represented interests of several creditors of the company, and interests of one of the company shareholders and a former chief executive as well.

During two and a half years the court did not only consider issues related to the validity of creditors' claims that are typical for any bankruptcy case, but the issues related to requisition the property belonging to the radio station, declaration of nullity of transactions made by the radio station and prosecution of controlling persons of the debtor.

Radio Classic Russia was established in 2005. Lack of well developed system of paid subscription for digital mass media means and non-commercial format of the radio station did not allow it to earn profit.