24. 05. 2013
Dear business partners,
we are delighted to inform you about the positive progress of the insolvency proceeding and about the ensuring of the next step in financing of the company PILSEN STEEL s.r.o.
Based on the strategic agreement between the investment company KKCG, PILSEN STEEL´s creditors and Vněšekonombank (VEB) will be secured company financing of operations through VEB subsidiary.
Under this agreement, VEB is prepared to refund loans, which KKCG has provided to PILSEN STEEL, and ensure new loans. In total, VEB will invest more than 35 mn EUR in further development of the company PILSEN STEEL.
After the successful renewal of production in PILSEN STEEL in October last year, the permission of reorganization and the introduction of off-the-balance-sheet financing in January of this year, this is further significant and positive step toward completely standard operations in the company PILSEN STEEL.
The final planned step will be the approval of the reorganization plan no later than the end of August and the subsequent termination of the insolvency proceeding.
Authorized Chief Executive Officer
PILSEN STEEL s.r.o.