MOSCOW, February 6 - RAPSI. The SU-155 group of construction companies has repaid its remaining debt to Nordea Bank to the value of 1.6 billion rubles ($53.12 million) under two lawsuits, a source in the company told RIA Novosti on Wednesday.

The source said that the developer used proceeds from the sale of housing for this purpose.

In January 2013, SU-155 announced that it had settled all of its bankruptcy cases by paying over 2 billion rubles ($66.4 million) under 14 insolvency lawsuits. The group of its creditors included Nordea Bank, Narodny Credit Bank, Akibank, other legal entities and also private individuals.

SU-155 has also reached an amicable settlement with Sviaz Bank, which had filed a 736.9 million rubles ($24.5 million) claim against the developer and its subsidiary, Mosstroyinvest Kaluga. It also restructured its 569 million rubles ($19 million) debt to BFG Credit Bank.

In August 2011, Nordea bank filed two claims, one for $31 million and the other for $23 million, seeking early repayment of the loans issued to SU-155 in 2007 and 2008.

The loans were taken to refinance the company's working capital, but the bank held that the company defaulted on its debt servicing in May 2011.
SU-155 argued that it had overpaid the interest by $1.3 million.

In February 2012, the Moscow Commercial Court ruled that SU-155 must pay Nordea the $31 million debt, which included the $28.799 million which the company borrowed in June 2007, plus interest and penalties. In September 2012 the court also upheld Nordea Bank's other claim, originally set at 719.375 million rubles ($23 million), but later increased to 773.8 million rubles ($24.8 million).

SU-155 has been operating on the Russian construction market for over 50 years. It comprises more than 150 independent organizations, including 28 industrial enterprises in 17 cities.

Nordea Bank is a top 30 Russian bank offering banking services to individuals and entities. The Scandinavian Nordea group owns a 100% stake in the bank.