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Slovak glassworks files for bankruptcy after failed restructuring

Slovglass Poltár company in Banská Bystrica Region has filed for bankruptcy after a failed restructuring attempt, the TASR newswire reported based on information in Slovakia's Commercial Journal. The company’s bankruptcy proceeding was approved by the District Court in Banská Bystrica in late November, TASR wrote. The plant began a restructuring plan in early 2011 and was seeking a new investor, which according to EMEL Bratislava, the current owner, would have guaranteed the company's ability to repay debts that reportedly reach €1 million.

Slovglass Poltár company in Banská Bystrica Region has filed for bankruptcy after a failed restructuring attempt, the TASR newswire reported based on information in Slovakia's Commercial Journal. The company’s bankruptcy proceeding was approved by the District Court in Banská Bystrica in late November, TASR wrote.

The plant began a restructuring plan in early 2011 and was seeking a new investor, which according to EMEL Bratislava, the current owner, would have guaranteed the company's ability to repay debts that reportedly reach €1 million.

The town's residents appeared to be unaware that the company, which employed 435 people, had filed for bankruptcy with the mayor of Poltár, Pavel Gavalec, telling TASR that he had heard nothing from the company for three weeks. He did, however, express faith that the plant would be rescued. Slovglass employees have been on compulsory leave for nearly a month, receiving 60 percent of their salaries.

Slovglass has been a producer of a broad range of crystal glass products as well as utility glassware, with 95 percent of its products exported.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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