Byelorussian brewery Krinitsa has returned 5 % of its $10.7 million debt to St. Petersburg’s Baltika brewery, Russian Beer Union reported in a statement. According to the Baltika press service, the loan was extended to the Belarussian brewery in 2001 and was slated for repayment on May 31, 2002.

In 2001 Baltika invested $10.5 million in upgrading the Krinitsa plant and intended to complete the first stage of reconstruction in April 2002. The dispute caused Baltika to sour on the deal and initiate bankruptcy proceedings for the Belarussian plant. Krinitsa only made the first installment after the Russian Federation Chamber of Commerce arbitration court issued five rulings in Baltika"s favor.

03 October, 2003