MOSCOW, August 25 - RAPSI, Sergei Feklyunin. The Moscow Commercial Court has held in favor of Novolipetsk Iron & Steel Corporation (NLMK) in its application for the bankruptcy of Maxi-Group, and ordered the companys bankruptcy administration, the Russian Legal Information Agency (RAPSI) reports from the courtroom.
Maxi Groups bankruptcy manager told the court that it owed 5.9 billion rubles ($204 million) to NLMK.
NLMK in 2007 acquired a 50 percent stake plus one share in Maxi-Group, which comprises a number of companies, ranging from scrap iron recyclers to steel and finished steel producers.
NLMK is the world-leading steel manufacturer.