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State-run company loses to Penta, has to pay €26 million
1 Jul 2014 Flash News
THE STATE-RUN heat distribution company Bratislavská Teplárenská (BTS), which made a profit of less than €200,000 last year, will have to pay €26 million to the Penta financial group after losing a 12-year-old dispute on June 30.
The dispute revolved around the question of whether the company was required to buy heat from Paroplynový Cyklus (Steam-Gas Cycle), owned by Penta until about two months ago, the Sme daily reported. BTS had a contract to purchase heat from Paroplynový Cyklus. When the contract expired last year, Paroplynový Cyklus found itself without anyone to sell its heat production to. The dispute ended unfavourably for BTS, when it was ruled that the company did not purchase as much heat from Penta as it was supposed to.
It is clear now that the company will not be able to raise the €26 million from its own business activities, Sme writes, suggesting that the state might want to sell BTS. If the state fails to pay the bill, the company would file for bankruptcy, which would be controlled mainly by Penta as the majority creditor.
Compiled by Michaela Terenzani from press reports.
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