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301 00 Plzeň
Česká republika

IČ: 47718706
DIČ: CZ47718706
C 3406 vedena u Krajského soudu v Plzni

19. 06. 2014

   The approved reorganization plan set the parameters of a proportional satisfaction of all registered Creditors depending on the expert’s opinion of Ernst & Young office, which stated that the reorganization is advantageous for the Creditors rather than bankruptcy. The proportional satisfaction of each ascertained receivable was paid on the Creditor’s accounts by the Insolvency Administrator. This satisfaction of the Creditors was provided from the amount of 50 mil. CZK which was paid on the Insolvency Administrator’s account by the VEB Kapital company seated in Moscow, the Russian Federation, based on the concluded agreement on provision of the financial means. An effort of some Creditors to change the reorganization into bankruptcy was rejected by the Court. Prerequisite for the successful termination of the reorganization was the fact that up to May 27, 2014, PILSEN STEEL s.r.o. had not registered any due receivables.
    The Court’s decision thus came into effect on date of delivery because an appeal is not permissible. Hereby the reorganization has been successfully terminated. Nonetheless, the insolvency proceeding still continues until termination of all existing incidental disputes.

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