MOSCOW, Aug. 25 - RAPSI, Alyona Yegorova. The Moscow Commercial Court has held against a petition filed by Promstroiproekt for the bankruptcy of the MG Group, an issuer of the Mirax Groups bonds, the Russian Legal Information Agency (RAPSI) reports from the courtroom.

According to an MG Group representative, its debt to Promstroiproekt of 37 million rubles ($1.3 million) has already been repaid. On Thursday, Promstroiproekt confirmed the debt repayment.

The MG Group acts as the issuer of the Mirax Groups ruble bonds. In September, MG defaulted in interest payments on third series bonds and failed to meet its offer obligations. MG defaulted in payments on fourth series bonds in June.

The Mirax Group development company, since renamed NAZVANIE.NET (, was established in 1994. Its major Moscow projects include: the "Federation" business complex, Mirax Plaza business centers, the "Admiral," and a variety of residential complexes.