MOSCOW, December 23 - RAPSI, Dmitry Shchitov. The commercial court has declared a recess until December 29 in hearing the Central Bank's lawsuit to levy execution on the Baltiysky Zavod shares pledged as security for the loans to Mezhprombank, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

The court has not provided the reason for the recess. The case is considered in private.

The Moscow Commercial Court is considering the Central Bank's lawsuit to take recourse against 88.32 percent of the shares in the Baltiysky Zavod shipyard, which were pledged under a contract dated July 15, 2008 as security for 32 billion rubles ($1 billion) in Mezhprombank loans.

A court ordered the shares evaluation in November and appointed Ernst & Young Stoimostnoye Konsultirovaniye (Cost Consultancy) as the appraiser at the Central Banks proposal.

The Baltiysky Zavod builds icebreakers, naval and large-capacity cargo ships. It also manufactures engineering products and energy equipment and supplies nonferrous and core-mold castings.