Bankruptcy procedure regarding PIK Development extended
MOSCOW, June 14 - RAPSI. The Moscow Commercial Court has extended for six months on Thursday SMU-9's bankruptcy procedure, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).
The Moscow Commercial Court found PIK-Development, part of the PIK group of companies, bankrupt on July 1, 2010.
It was reported at a July 2010 hearing that PIK-Development was renamed SMU-9. It was also made known that the remaining funds on the company's accounts were insignificant. Its accounts receivable, which can in fact be recovered, amounted to 200-220 million rubles ($6.14 million-$6.76 million). Since early 2009, the company has ceased to conduct business. Claims worth 1.7 billion rubles ($52.24 million) have been entered into the list of creditors' claims. The first meeting of creditors voted for the company's bankruptcy on May 6, 2010.
Leasing-Force submitted a lawsuit for PIK-Development's bankruptcy on August 3, 2009. PIK-Development was a general contractor for all of the PIK group's construction facilities.
The PIK group was founded in 1994. It operates in Moscow and the Moscow region and actively develops projects in other regions. The company is involved in property development, construction and sales.
The group held an IPO in London in 2007. It became Russia's largest developer by selling 15.6 percent of its shares for $1.93 billion. Its capitalization at the time exceeded $12 billion.