Russian developer RTM faces lawsuit on loan deal

MOSCOW, Oct 2 (Reuters) - Russia's Alfa Bank has filed a lawsuit that seeks to recover $10.6 million from real estate developer RTM (RTMC.MM), a Russian court said on Thursday.

The suit, filed in a Moscow Arbitration court, alleges that RTM, which had net profit of about $116 million in 2007, failed to comply with a loan agreement it signed with Alfa Bank.

"Alfa Bank plans to recover RTM's property pledged (as collateral) on loans. It is planned to seize real estate which belongs to RTM in the near future," a source at Alfa Bank told Reuters.

RTM, which has recently sold a large stake to new investors, including some with links to shareholders in Russian cement maker Sibirskiy Cement, denied the allegations.

"We attribute this to the current situation in the banking sector, in particular the low liquidity in a number of banks," RTM said in an emailed comment.

"According to the agreement, this loan falls due on Nov. 6, 2012. Interest on the loan has been paid and is being paid in proper time, there have been no violations of the payment discipline."

RTM said it had not received a copy of the lawsuit and was unaware what it was based on.

Moscow-based RTM was established in 2006 and held a local initial public offering in May 2007. It focuses on the development of commercial property as well as mixed-use and complex development projects.

Its portfolio, which includes 56 commercial real estate properties with a total area of around 560,000 square metres, was valued at $983.4 million as of June 20, 2008.

It plans to issue around 88 million new ordinary shares which represents 38.5 percent of its increased share capital. (Reporting by Maria Plis and Dmitry Sergeyev; Writing by Maria Kiselyova; Editing by Quentin Bryar)