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Cargo ‘in danger of collapse’

THE STATE-OWNED Cargo railway company is unable to pay its debts and is thus in danger of collapse, the Hospodárske Noviny daily reported in early July 2011.

THE STATE-OWNED Cargo railway company is unable to pay its debts and is thus in danger of collapse, the Hospodárske Noviny daily reported in early July 2011.

The salaries and bonuses of thousands of Cargo employees are endangered, the daily reported, adding that despite the fact that the government approved a revitalisation plan in spring 2011 and the loss-making firm has already launched major layoffs, it still faces difficulties.

One of Cargo's creditor banks is demanding that the state-run firm repays €13.5 million before the end of August 2011. However, the company says it cannot do so immediately. Trouble with one creditor could trigger an avalanche, the daily reported. Cargo owes money to seven other banks that could each come up with a similar demand, it noted.

Transport Minister Ján Figeľ does not want to let the company collapse; on the other hand, the Finance Ministry no longer wants to keep bailing Cargo out, according to the Hospodárske Noviny story.


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