Cairo Court approves Banque Misr’s selling of “Misr Canada” assets to repay LE 148m debt

Cairo Economic Court “Complaint Department” upheld Banque Misr’s verdict of selling the assets of Misr Canada for Production & Blending Lube Oil, to repay its debts of EGP 148.6270 million accumulated to April 30th 2011 besides 13% interest rate from this date til repayment.

Cairo Economic Court also obligated Misr Canada to repay $ 20,179 million with 1% above Libor rate at the loan time.

The Court hypothecated Misr Canada’s headquarter in Ebour buildings and its branch in Ramadan 10th City in favor of Banque Misr as the first did not repay the credit facilities received from the latter by an official commercial contract. The court ordered the assignment of an expert valuer to manage the auctions’ procedures. This came after Banque Misr filed a case in the Economic Court and offered the Hypothecation contracts whose documentation numbers are 1820 for 2000, 283 for 2005 and 718 for 2007.