MOSCOW, June 28 - RAPSI. The appeals court has upheld the decision awarding $31.364 million to Nordea Bank from the SU-155 development company as payment for its debts.

The developer's appeal has been rejected.

SU-155 has told RIA Novosti that it disagrees with the decision and is considering filing a cassation appeal.

The Moscow Commercial Court recovered the SU-155 debt in favor of Nordea Bank on February 14. The amount includes the principal debt of $28.799 million for loans granted in June 2007, plus interest and penalties. To provide for the debt settlement the Moscow Commercial Court enforced the property pledge given as security.

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

Nordea Bank is a universal bank offering banking services to individuals and entities. The Scandinavian Nordea group owns a 100 percent stake in the bank.