Moscow court orders sale of PIK stake for bank debt

MOSCOW May 25 (Reuters) - The Moscow Arbitration Court on Tuesday seized 12.5 percent of shares in Russian developer PIK (PIKK.MM) on behalf of Nomos Bank, to be sold at auction with a starting price of 1.27 billion roubles ($40.33 million).

The stake belongs to PIK's (PKGPq.L) co-owner Yury Zhukov, whose company Maritrade Investment was serving as guarantor of a $271.4 million loan from Nomos Bank secured by the stake. A PIK spokesman declined comment. Mid-sized bank Nomos Bank was not immediately available for comment. (Reporting by Maria Plis; writing by Melissa Akin, editing by Will Waterman) ($1=31.49 Rouble)