Major developer's bankruptcy case dropped by court
MOSCOW, September 27 - RAPSI, Natalia Belova. A commercial court ruled on Tuesday not to proceed with a major developer's bankruptcy case initiated by a regional company, the Russian Legal Information Agency (RAPSI) reported from the courtroom.
The claimant, Dzerzhinsky Shopping Center (Nizhny Novgorod), did not attend the hearing but notified the court of its decision to withdraw the claim, as the developer, PIK Group, had repaid the debt.
PIK's representative observed that the debt amounted to less than 100,000 rubles ($3,574) which is below the established level requisite for bankruptcy application.
PIK Group has been operating in Moscow, Moscow Region, and elsewhere in Russia since 1994. Its core business is large-scale housing development for mass consumers.
PIK made an IPO in London in 2007 to become the most expensive Russian developer.