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Istrochem beats off bankruptcy proceedings

The Bratislava-based chemical producer Istrochem, founded almost a century ago, reported losses of 206 million crowns over the first nine months of this year, well over the 91.4 million that had been projected.

Istrochem director Stanislav Podmanicky said on October 29 that the firm's total revenues were 1.23 billion crowns, while sales from chemical production amounted to 990.2 million crowns.

Podmanicky said that the company's results had been hurt by low sales and by accounting operations linked with Istrochem's bankruptcy proceedings in September.

Following a verdict issued by the Bratislava Regional Court on September 14, bankruptcy proceedings had been launched at Istrochem. However, after the firm appealed, the Supreme Court overturned the lower court decision on October 14.

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