ST.-PETERSBURG, July 3 - RAPSI. Sweden's Stena RoRo has gone to court to expedite Baltiysky Zavod shipyard's repayment of $37 million in debt.
The Thirteenth Commercial Court of Appeals has registered the company's complaint against the trial court judgment on entering its claims into the shipyard's list of creditors.
The St. Petersburg and Leningrad Region Commercial Court ruled on May 22 that the Swedish company's 1.206 billion rubles ($37 million) claim should be satisfied only after the shipyard's principal debt has been settled.
In 2005, Stena RoRo AB and Baltiysky Zavod signed a contract for the shipyard to build two vessels worth 58.8 million euro each for the Swedish company. Later, the parties entered into an option agreement for the construction of two similar vessels worth 59.4 million euro each.
Neither the ships contracted, nor those stated in the option agreement were built.
The Swedish company filed a case against the shipyard in a Stockholm commercial court to recover its losses.
The court upheld the lawsuit, awarding Stena RoRo AB over 20 million euro in damages caused by the contracts non-execution. However, the shipyard refused to abide by the ruling.
Stena RoRo AB then submitted its claim to the St. Petersburg Commercial Court, asking it to enforce the ruling.
In September, the Supreme Commercial Court finally supported the decision.
Founded in 1856, Baltiysky Zavod is part of the United Industrial Corporation owned by former Senator Sergey Pugachyov. The factory builds icebreakers and naval ships. It manufactures engineering products and energy equipment and produces nonferrous and core-mold castings.
Baltiysky Zavod is undergoing bankruptcy proceedings. It was placed under bankruptcy by the credit watchdog on January 13. Its major creditor is the Rosenergoatom Concern, which seeks to have its $435 million claim included in the shipbuilder's list of creditors.
In December 2011, the court held for the Central Bank's application to recover the 88.32 percent stake in Baltiysky Zavod pledged as security for loans issued to Mezhprombank. The court ordered to transfer the shipbuilder's shares to the Central Bank for trust management.