Váhostav asks for restructuring

THE CONSTRUCTION company Váhostav-SK is trying to avoid bankruptcy, and has asked the court for protection from creditors and to launch the restructuring process, the SITA newswire reported on September 26.

THE CONSTRUCTION company Váhostav-SK is trying to avoid bankruptcy, and has asked the court for protection from creditors and to launch the restructuring process, the SITA newswire reported on September 26.

Meanwhile, the company Finasist, one of Váhostav’s shareholders, owned by Juraj Široký, dismissed Ján Kato from his post as the firm’s CEO and chairman of the board of directors. Kato had led the firm since June 2006. He will be replaced by Marián Moravčík, who was serving as the executive director of the Slovak Investment and Trade Development Agency.

According to Váhostav, the firm asked for restructuring after failing to agree with its creditors on paying its debts. Several creditors are forcing the company into bankruptcy, it added.

“The company was therefore forced to defend itself against bankruptcy and start the restructuring process, which is currently the only way to survive,” said Tomáš Halán, a spokesperson for Váhostav, as quoted by SITA, adding that the firm’s management wants to improve its situation, meet the requests of creditors to the highest possible extent and secure the continuity in its activities and the work for its employees and subcontractors.

Regarding the restructuring process, Váhostav plans to complete the contracted projects. It does not plan to change the number of employees significantly. It also wants to compete for new orders on which it will be working according to signed agreements.

The current situation was, according to the firm, caused by the decision not to build highways through PPP projects, which meant the loss of crucial orders. The company already informed that its financial problems were impacted by highway projects, especially the construction of stretches of the cross-country D1 highway between Dubná Skala and Turany, and Jánovce and Jablonov. These sections will be properly finished despite the delay and the loss caused by prices offered during the climax of the crisis, as reported by SITA.

The Bratislava I District Court recently started a bankruptcy proceeding against Váhostav, based on the motion submitted by Žilina-based Energy Pro. Váhostav must limit its activities to common legal actions. The company informed on September 24 that it is looking for ways to end the bankruptcy proceeding and continue its activities in all projects.

Several creditors have recently submitted proposals to launch a bankruptcy proceeding against Váhostav, SITA wrote.

Source: SITA

Compiled by Radka Minarechová from press reports

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