PILSEN STEEL awaits changes for better future
04. 10. 2012
We would like to inform you as our valued business partner about significant changes that are happening nowadays in PILSEN STEEL.
As you already know, court declared PILSEN STEEL’s bankruptcy and set and insolvency administrator I.S.ŽIŽLAVSKÝ v.o.s on 17/09/2012. PILSEN STEEL is not limited in any actions towards third parties by being in declared bankruptcy. Therefore PILSEN STEEL is still legitimated to proceed and transact via it’s statutory authorities or authorized employees.
The reason for the insolvency proceeding referred above was lack of working capital. Declaration of bankruptcy in our situation was not a bad news. Conversely, it was a necessary step to start negotiations for obtaining support from new strategic partner. PILSEN STEEL’s management started looking for strategic partner intensively.
I am happy that we were successful to sign a contract of providing financing for all production assurance to an international investment group “KKCG” in a very short time. “KKCG” has longtime experience in mechanical engineering and industry. The Machining Shop is now in full-extension renewed from 27/09/2012, Heat Treatment Shop will be renewed from 05/10/2012, Casting Shop (iron) will be renewed from 08/10/2012 and Steelmaking Shop and Forging Shop will be renewed from the beginning of December this year.
PILSEN STEEL’s Sales activity was also fully renewed including accepting of new Purchase orders and confirming of particular delivery dates. Individual Sales Managers are ready to provide you with detail information personally. The goal of these meetings will be to reestablish trust to PILSEN STEEL and to get new orders for year 2013, that are necessary for our company’s support.
I would like to assure you that not only PILSEN STEEL’s management but also all employees are ready to continue to work in full pace, to fulfill all the business duties and to prove with their hard and honest work that PILSEN STEEL’s trademark is and will be further a guarantee of high quality, reliability and correct business partnership.
An investment that was provided by an international investing group KKCG is a real proof that PILSEN STEEL is and will stay as a company with perspectives and big potential in the future. Thanks to partnership and support from KKCG-group we will be able to strengthen our position, extend our production, get new orders and raise share on the market in the future.
Bankruptcy’s declaring leads to the legal formal duty to use new accounts of insolvency administrator instead of PILSEN STEEL’s accounts for settlement of debts.
New payment accounts from 17/09/2012 are following (“GE Money Bank, a.s.”):
- Account for payments in CZK: 208237541/0600
- Account for payments in EUR: 208269439/0600
- Account for payments in USD: 208288621/0600
In case you will need any further information for making payments please do not hesitate to contact our Finance Department.
Invoices being issued with original PILSEN STEEL accounts by “Citibank Europe plc” or “HSBC Bank plc” won’t be changed and it is allowed to make payments according to payment data that are stated in those invoices.
To conclude referred above, even when PILSEN STEEL goes through insolvency proceeding and bankruptcy was declared, company is able still to assure working financing to renew and continue production and is able to guarantee agreed dispatch terms and in required quality arising from contracts.
Please do not hesitate to contact anyone of us if you will have any questions.
In conclusion I would like to thank you for your trust being expressed so far and tell you on behalf of all PILSEN STEEL’s employees that we are looking forward to our further cooperation.
Ing. Tomáš Egermajer,
Authorized Chief Executive Officer
PILSEN STEEL s.r.o.