April: The year in business

Economy Minister Pavol Palis stepped down and more.

Váhostav-SKVáhostav-SK (Source: Sme)

APRIL

Váhostav-SK company escaped bankruptcy. President Andrej Kiska signed legislation enabling a bigger bailout of small creditors into law. Consequently in May the court officially passed the restructuring plan of Váhostav-SK, an ill-fated construction company linked to tycoon Juraj Široký owing millions of euros to its creditors and on the brink of bankruptcy. Under this plan banks should get back 85 percent of their claims in the next five years while small unsecured creditors will obtain 18.75 percent. This means that during the restructuring process Váhostav-SK will settle 32.3 percent of recognised claims of €136 million. The Robert Fico government has also offered to buy claims of small creditors and pay them 50 percent of their nominal value. Other companies that recently underwent restructuring processes were Doprastav and TSS Grade.

Economy Minister Pavol Palis stepped down on April 21 after the Sme daily reported about the success of his brother-in-law’s cleaning company in a public procurement. Vazil Hudák, former finance deputy minister, was appointed the economy minister in June.

The Slovak arm of the German carmaker Volkswagen launched construction of a new body shop worth €500 million in its premises in Devínska Nová Ves close to Bratislava. The factory will produce bodies for Porsche Cayenne. 

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