BUSINESS IN SHORT

Construction giant in trouble

AFTER Doprastav, another large construction company, Váhostav-SK, is facing problems with late payments to its subcontractors. The district court in Bratislava launched on September 23 a bankruptcy proceeding against Váhostav-SK over unpaid debts, the TASR newswire reported.

AFTER Doprastav, another large construction company, Váhostav-SK, is facing problems with late payments to its subcontractors. The district court in Bratislava launched on September 23 a bankruptcy proceeding against Váhostav-SK over unpaid debts, the TASR newswire reported.

“[The bankruptcy proceeding against Váhostav-SK] unfortunately confirms that the era of so-called cheap highways has caught us,” Transport Minister Ján Počiatek said on September 24 after the cabinet session. “Companies in the past won some orders for prices not even covering costs and got into such difficult situations.”

According to Počiatek, the problems of Váhostav-SK were known and they often asked the company management how they wanted to resolve this situation, which in the end especially burdens their subcontractors.

“But the management has claimed that it would handle the situation and that it is prepared, also by pouring additional funds into the company, to stabilise the situation,” said Počiatek.

According to Tomáš Halán, a Váhostav-SK spokesman, the company has recently noticed several proposals to launch a bankruptcy proceeding submitted by the creditors of the company due to the unfavourable situation in the Slovak construction sector. The company’s management also continues to settle disputes transparently and is in negotiations with its creditors.

“Simultaneously, it is looking for ways to end the launched bankruptcy proceeding and continue its activities,” Halán said, as quoted by TASR.

The company Energy Pro has taken Váhostav-SK to court for unpaid invoices of less than €50,000, which the construction firm has owed for about two years.

Váhostav-SK, which employs about 1,300 people, is one of the major Slovak construction companies participating in highway construction. It is currently working on six stretches of highway, some of which are delayed.

The company closed last year at more than €13 million in the red, its worst economic result in more than 10 years, the Hospodárske Noviny wrote.

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