MOSCOW, April 18 - RAPSI. The Moscow Commercial Court has terminated the proceedings in the Strabag bankruptcy case. Strabag is the Russian subsidiary of the Austrian Strabag AG development company.
The court terminated the case after GK Inzhglobal withdrew its bankruptcy petition against Strabag.
The petition was filed on February 10. However, Strabag failed to attend the hearing on April 17.
The primary court awarded GK Inzhglobal 11 million rubles ($368,000) in late December in its lawsuit against Strabag. The plaintiff sought to recover debt for repairing a residential estate in Moscow. The defendant had a month to appeal the judgment. However, no information has yet been released about an appeal.
The Austrian Strabag construction group was founded in 1835. Strabag has been operating in Russia since 1991 under the "Ilbau" brand. Strabag's Russian division was founded in 1999. Its official representative office opened in Moscow in 2001. Its Russian portfolio is worth 3 billion euro. Strabag SE earned 8.82 billion euro in the first half of 2011 compared to a 12.8 billion euro loss during the same period of 2010.