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State ready to buy claims from Váhostav creditors

THE STATE stands ready to start buying claims from construction giant Váhostav SK’s creditors as of next week, Finance Minister Peter Kažimír said after the cabinet session held on August 26.

(Source: Sme)

The deadline for creditors to respond to the state offer has been set for March 2016. Subsequently, the Slovak Restructuring Company in cooperation with the Slovak Guarantee and Development Bank and Slovak Consolidation Agency, will start processing responses and pay out the agreed sums.

Read also:Váhostav-SK safe for now

The state offered to buy 50 percent of Váhostav-SK claims from creditors, with the money for the purchases allocated from a special reserve bank account.

Based on its restructuring plan, Váhostav-SK will pay non secured creditors 18.75 percent of the value of their claims, which equals €19.62 million. Overall, the company will pay €43.9 million of the claims within five years. Váhostav-SK will have paid 50 percent of the original claims within five years, while the other 50 percent will be dealt with in the form of creditors’ right of ownership to Váhostav-SK shares and equity.     

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