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CORPORATE NEWS

Calex weighs two rescue options

Slovak government representatives and the management of Calex Inc., a refrigerator producer in Zlaté Moravce, concluded after their meeting in late February that the company's problems will be resolved by the middle of March, officials from both sides announced.

The rescue scenario for the troubled company involves two options. The first is that the state will keep a 51 percent stake and the remainder will be split between the Omnia holding company and the commercial bank Všeobecná Úverová Banka (VÚB). The second option involves the entrance of foreign capital; negotiations with three foreign partners are now underway. Calex's management supports the first alternative, the so-called Slovak way, according to a source at the company. The architects of Calex's revitalization program propose that 1,600 employees will stay with the original production assortment, 780 will work in servicing plants, and the remaining 1,000 in new production ventures with car makers Daewoo and Volkswagen.

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