Bankruptcy proceedings against major developer extended
MOSCOW, December 15 - RAPSI, Natalia Belova. A commercial court has extended on Thursday the bankruptcy proceedings against a large developer for another six months, the Russian Legal Information Agency (RAPSI/rapsinews.com) reports from the courtroom.
The SMU-9 (formerly PIK-Development) administrator applied for the extension. It was stated during the Thursday trial that 25 million rubles ($787,000) in property remained unsold. So far, disputes amounting to 130 million rubles ($4 million) have been resolved, but some are still pending consideration. Execution writs for 140 million rubles ($4.4 million) have been issued.
Bailiffs have received 19 million rubles ($598,000) for the company's debtors.
The Moscow Commercial Court declared PIK-Development - part of the PIK Group - bankrupt on June 1, 2010.
The PIK Group has been operating in Moscow and throughout Russia since 1994. Its core business is large-scale housing development for mass consumers.