Doprastav construction company files for restructuring

The construction company Doprastav asked the District Court Bratislava I for restructuring after a year of financial problems.

The construction company Doprastav asked the District Court Bratislava I for restructuring after a year of financial problems.

“The reason for the request for the approval of restructuring are huge liabilities and unpaid invoices for the works ordered by investors on the construction of Polish roads for which our company turned to the due court,” company spokesman Michal Krajčír told SITA newswire March 26. “The total amount of damage is several dozen million euros, but the precise number will be calculated by an expert.”

The company, however, has concluded several contracts and is expecting to fulfil the orders normally. Thus, it is not probable that it will lay off, but rather hire new people.

“During the restructuring, Doprastav will fulfil all its obligations, in compliance with the law, and it will strive to satisfy its creditors to the maximum possible extent,” Krajčír said.

The proposal to allow for restructuring was filed on March 24; and the deadline for answering is 15 days, the spokesman of the Regional Court in Bratislava Pavol Adamčiak confirmed for the Hospodárske Noviny daily. Beginning 2014, Doprastav filed a suit on the Polish highway company in connection with debts of about €40 million. It participates in building several highway sections also in Slovakia.

(Source: SITA)
Compiled by Zuzana Vilikovská from press reports
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