MOSCOW, May 10 - RAPSI. The Moscow Commercial Court set July 4 to hear the report by Russpetsstal's bankruptcy receiver on the finalizing of the bankruptcy procedure.

Russpetsstal is part of the Russian Technologies state corporation.

The court extended the bankruptcy proceedings according to the application of the companys bankruptcy proceedings, since the company's assets were sold on May 4 but the funds have not yet been received as per the contract; creditors have yet to receive payments as well.

The court found Russpetsstal bankrupt in May 2011. The receiver stated in court that the debtors solvency cannot be restored; no signs of intentional bankruptcy were discovered and all of the creditors' claims were considered and entered into the creditors' claims list.

The receiver specified that the company has eight bankruptcy creditors; five of them (almost 64 percent of votes) voted to recognize Russpetsstal bankrupt and to start bankruptcy proceedings.

Russpetsstal representatives stated in court that the company's debts receivable amount to 6.062 million rubles ($199,799) and that the main creditors are banks.

The company says its debts to suppliers amount to around 3 billion rubles ($98.86 million), 14 million rubles ($461,380) in tax, 2 million rubles to the state and the budget funds ($65.900).

Russpetsstal is a subsidiary of Russian Technologies and was established in March 2007 to consolidate production assets in special steels and alloys.