BUSINESS BRIEFS

PPS Detva owners disclosed

VLADIMÍR Rybovič, the receiver in bankrupt engineering company PPS Detva Holding, ceremonially presented the key of the company to representatives of its new owners, Sitno Holding and Odien/Sevis, news wire SITA reported.

Sitno Holding owner Ludovít Černák served as the country's economy minister during the years of 1992-93 and 1998-2000.

Banská Bystrica Regional Court declared PPS Detva Holding bankrupt in May 2002.

The situation surrounding the company sharpened in late June 2003 when trade unionists held a blockade of the Zvolen-Lučenec road at Detva and requested that creditors allow the sale of the company to Sitno Holding and Odien/Sevis.

In late June, the biggest creditors, health insurer Všeobecná zdravotná Poisťovňa, the bailout agency Slovenská konsolidačná, social security provider Sociálna poisťovna, and the National Labour Office, recommended the sale, selecting the bid by Sitno Holding and Odien/Sevis as the best.

Afterwards, in early July, Banská Bystrica Regional Court granted the bankruptcy receiver consent to sell the company. Sitno Holding signed the acquisition contract on July 6. It paid Sk150 million (€3.65 million) for the company.

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