HydroSpetsStroy Ltd. (general contractor of Noviy Grad, the developer) is still undergoing bankruptcy proceedings, says their trustee in bankruptcy Olga Rushitskaya.

‘The presentation of the trustee in bankruptcy’s report in the Court of Arbitration was postponed and should now take place on February 19, 2007,’ she said.

‘In the meantime, no circumstances related to the case have changed so far as the developer hasn’t produced any further information,’ Ms Rushitskaya said.

The company’s debt currently amounts to over 55 million RUR.