Hydrospetsstroy still goes through bankruptcy proceedings

Hydrospetsstroy, Noviy Grad’s former general contractor, is still going through bankruptcy proceedings.

Olga Rushitskaya, their acting trustee in bankruptcy, says the region’s Court of Arbitration is still handling the claims laid against Noviy Grad and its partners; there are about twenty claims altogether.

The Court of Arbitration declared Hydrospetsstroy insolvent; the company has to face claims, all related to reclamation of Hydrospetsstroy’s property and selling it by auction. This money will be used to pay the company’s creditors, as Hydrospetsstroy owes them more than 55 million RUR at the moment.

The bankruptcy proceedings are expected to be finished on September 16, 2008.


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