Sberbanks $1.6 mln award in claim against Baltic Shipyard upheld
ST. PETERSBURG, September 1 - RAPSI. The Thirteenth Commercial Court of Appeals has upheld a lower court decision to award Sberbank 45.65 million rubles ($1.6 million) in its suit against the Baltic Shipyard (Baltiysky Zavod), the court has reported.
With its decision, the Court of Appeals upheld a May 11 St. Petersburg and Leningrad Region Commercial Court judgment in favor of Sberbank.
Sberbank had sought in its claim to recover debt owed to it by the shipyard under a revolving credit agreement signed on October 14, 2009. It filed suit after the shipyard defaulted on its interest payments.
The Baltic Shipyard builds nuclear and diesel ice breakers and ice-class vessels, large cargo vessels, and combat ships. It also manufactures engineering products and power-generating equipment, and supplies steel and nonferrous castings.