CREDITORS COMMITTEE RATIFIED PILSEN STEEL‘S REORGANIZATION
04. 01. 2013
Creditors Committee ratified pilsen steel‘s reorganization
PILSEN STEEL’s creditors committee today ratified its reorganization as bankruptcy decision of company. PILSEN STEEL has now 120 days to introduce plan of reorganization. With such step creditors supported PILSEN STEEL’s proposal. This proposal was meant as the best bankruptcy decision not only for satisfying creditor’s outstanding debts, but also for further company’s run and development. Pilsen Regional Court has to authorize reorganization.
Pilsen, 4th January 2013
Creditor’s committee today ratified PILSEN STEEL’s proposal for bankruptcy decision being declared in September 2012 with reorganization. “In our opinion, reorganization is the best decision. We expect higher satisfaction of creditors’ outstanding debts and at the same time this decision guarantees to keep the company running. It is extremely important not only for all the employees but also for our business partners and their trust in PILSEN STEEL’s brand,“ says Tomáš Egermajer, authorized Chief Executive Officer. He adds: „Now we have 120 days to introduce to our creditors an already concrete plan of reorganization which has been working on intensively already. “
We were successful to keep the company running
Right after the decision of bankruptcy was declared all the necessary steps had been made to keep the company running. We were successful to start running subdued shops gradually, where production works in these days again. PILSEN STEEL not only finishes work in progress being started earlier but also gains new orders quite with success and gradually increases its turnover.
Operational funding is ensured
PILSEN STEEL has an ensured operational funding. In October 2012 we succeeded in gaining an operating loan from investment group company KKCG. We are able to derive the loan till the end of the January 2013. At the same time it’s been negotiating with KKCG about a possibility of gaining another operational funding by tolling or new loan.
Authorized Chief Executive Officer