Spectator on facebook

Spectator on facebook

Váhostav-SK safe for now

THE COURT has officially okayed the restructuring plan of construction company Váhostav-SK which means it will not go bankrupt, the TASR newswire reported on May 25.

Váhostav-SK is heavily involved in highway construction in Slovakia.(Source: Sme)

The decision was issued within the period stipulated by the law on May 22 and was sent without delay to be published in the business bulletin in compliance with legislation on bankruptcy and restructuring, Bratislava I District Court judge Katarína Bartalská told the TASR newswire on May 25.

Bartalská did not provide any further details regarding her decision, however.

“The court won’t provide any statements on the ruling until the decision has been published in the Slovak Business Bulletin,” said Bratislava Regional Court spokesman Pavol Adamčiak, as quoted by TASR. “The court won’t comment on any other published information concerning this decision, either.”

Denník N reported earlier in the day that Váhostav’s restructuring plan has been approved by Bartalská. The daily referred to two unnamed sources close to judicial bodies.

The deadline for assessing the restructuring plan, which was previously approved by Vahostav’s creditors, was May 22. The judge was obliged to decide whether to okay the restructuring plan, which involves cancelling over 80 percent of the company’s debts towards its small creditors, or to send the firm into bankruptcy.

Bartalská could have chosen the latter option if she believed that the restructuring procedure was at odds with the law, added the daily.

Based on the modified restructuring plan creditors of Váhostav-SK, a company with ties to oligarch Juraj Široký, an alleged sponsor of Prime Minister Robert Fico's ruling Smer party, banks should get back 85 percent of their claims in the next five years, while small unsecured creditors will obtain 18.75 percent. Originally banks should have gotten 100 percent and small creditors 15 percent. This means that during the restructuring process Váhostav-SK will settle 32.3 percent of recognised claims of €136 million. The government has also offered to buy claims of small creditors and pay them 50 percent of their nominal value.

The adoption of the restructuring plan has been accompanied by suspicions that someshell companies close to Široký are among ordinary creditors.

Top stories

State insulation falls behind expectations, ministry widens support

Only 134 homeowners in the first round and 62 in the second applied for a subsidy via the insulation programme.

Only 134 homeowners in the first round and 62 in the second applied for a subsidy via the state insulation programme. Illustration stock photo

Fee has a negative impact

Practice shows that municipalities will require investors to pay the fee for development from their own budgets and at the same time to also cover the so-called induced investments.

Some municipalities want to re-think the fee.

Kysuce inhabitants block busy road in protest

The blockade caused traffic collapse.

Discovery made hard mining work more efficient

Gunpowder was used to blow up the rock for the first time in the Upper Bieber adit for the first time 390 years ago.