PILSEN STEEL RECEIVED A FINANCIAL OFFER FROM „KKCG“ GROUP
20. 09. 2012
Pilsen Steel is in a bankruptcy by the decision had been taken by Regional Court of Pilsen from 14th September 2012. The bankruptcy decision is the first necessary step for saving the company and at the same time it’s the only possible decision to save the production. Not only management agrees in that, but also company’s trade union representatives.
Pilsen Steel needs necessarily to get an operating credit financing for further support of production. Company’s management received today a very serious and concrete offer from an international investment group KKCG. Company’s management is ready to negotiate immediately in this case in accordance to an insolvency law. Due to secrecy obligation Pilsen Steel’s management cannot specify or comment this offer.
At first, Pilsen Steel needs to negotiate to secured creditors, primarily to the bank HSBC, if they are concerned to provide necessary operating credit financing. This enquiry will be given to the bank HSBC during today. According to present negotiations bank HSBC presumably won’t have interest in such possibility.
Company’s management is ready to make all the necessary steps and cooperation to obtain and operating financing. Management wants to give a conformity petition to make a contract about operating credit financing with KKCG group to provisory credit committee being established by Court already today.
Tomáš Egermajer, Pilsen Steel’s Authorized Chief Executive Officer says: ‘We are ready to do everything to let production continue. To not allow people lose their job. Our employees are the most valuable capital for us’ And he says: ‘We believe that we will sign a contract to KKCG group and that employees will come back into production already in the beginning of October step by step.’
Authorized Chief Executive Officer