VSŽ boss Eichler discusses possible foreign investor

Gabriel Eichler, the president of eastern Slovak steel giant VSŽ Košice, announced on November 4 that the entry of a foreign investor into the company would not likely be accomplished by the end of this year. Eichler blamed the delay on certain VSŽ shareholders who had participated in a special VSŽ shareholders' meeting in September.

The VSŽ President added that US Steel currently has the inside track among potential investors.

Addressing the financial troubles which have recently beset the firm, Eichler said that one way of settling the problems could be to increase the amount of VSŽ share assets offered to a foreign investor. "This way of activating the production sector is common in the business world," he said.

Another option, Eichler explained, would be to establish a new company which would be free of the bad debts VSŽ has racked up. "In such a case there are two alternatives," he explained. "VSŽ Ocel would be detached from the VSŽ group and would join other companies, or VSŽ would remain and other companies would be attached to it."

A newly created company would take over all of VSŽ's assets and liabilities. The process, however, would require approval by creditor banks.

Eichler said this alternative created some possible complications. For one, he said, VSŽ would have to re-negotiate many of its existing contracts so that the new company could take over.

Get daily Slovak news directly to your inbox

Top stories

News digest: Long queues around Slovakia on the first day of nationwide testing

Hundreds of thousands got tested during the first five hours. Experts warn it is too early to interpret the results.

Drive-in testing site in Bratislava.

Afraid of testing? Minimise your risk of infection with these test day tips

Coughing is the most dangerous part of the testing process.

Zborov, the Bardejov district

UPDATED: Nationwide testing for COVID-19 is on

Long queues have formed in front of most testing points since early morning. Some drive-through sites closed in Bratislava

Testing in Trenčín, western Slovakia

The big testing: When and where to show up, and what if I don't want to? (FAQ)

Here is what we know about the practicalities of the nationwide testing so far. Testing also applies to foreigners and diplomats in Slovakia.

Pilot testing in Bardejov