Spectator on facebook

Spectator on facebook

State repays the last debt of Váhostav

The restructuring process of the construction firm, however, is not considered standard.

(Source: Sme)

The state has bought the debt of the last creditor of construction company Váhostav which in 2015 launched restructuring proceedings.

A few months before the March 2016 general elections, the state announced it would buy the debt claims towards Váhostav from creditors. Though they were to receive only half of the amount, the state promised they would not wait for the money too many years. As it bought the last claim a few weeks ago, it compensated the last company that decided to use this possibility, the Hospodárske Noviny daily reported on August 22.

“The process of buying the claims is finished,” Peter Miššík, authorised representative of Slovenská Reštrukturalizačná company, which was established for this purpose, told the daily.

Read also: Read also:Small businesses cut out in Váhostav case

They bought claims worth a total of €26.5 million, and paid back €12.57 million to 467 small creditors of the construction company, Miššík added.

Those who did not accept the state’s offer now have to wait for the money directly from the company. It has already sent the first instalments to the accounts of its creditors, amounting to nearly €5 million. About €3.5 million of this sum went to unsecured creditors, i.e. small companies, Hospodárske Noviny wrote.

The whole restructuring process, however, is described as controversial.

Read also: Read also:Only one remains accused in the Váhostav case

“Though with this solution the state quickly helped the small unsecured creditors, who would otherwise wait for their money also for 10 years, it was first of all an ad hoc solution,” Ján Gajan, lawyer and partner of HMG Advisory law firm, told Hospodárske Noviny.

The way in which Váhostav’s debts were written off is not standard, neither in Slovakia nor abroad, he added.

Top stories

Jaguar plant in Nitra will be bigger

The carmaker plans to add a new facility and employ more people.

Jaguar Land Rover plant near Nitra is under construction

Government members met at a distance

The session had only one point on its programme: the mandate for the prime minister to meet with the French president.

It’s not easy to be friends with Fico

Will Andrej Danko take the government down with him?

Andrej Danko

Bankers adjust to customers’ habits

More people will be coming to banks for advisory.