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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.

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