Russian Pharmacy Chain 36.6 settles with Protek

Russian Pharmacy Chain 36.6 and pharmaceutical distributor Protek said they have signed an out-of-court settlement about the repayment of RUR95 million (USD3.05 million) owed to Protek, the local press reported. Under the agreement Pharmacies 36.6 will repay 50% of the debt before 15 September 2009 and the remainder of the debt no later than 15 October 2009. Problems between the two companies began in May 2008 where an accumulation of debt led to Protek terminating its supply to the retail chain in November 20087 and filing several lawsuits to reclaim the money. Protek filed for the retailer’s bankruptcy in early August.