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 STEEL RECEIVED A FINANCIAL OFFER FROM „KKCG“ GROUP
Company Pilsen Steel received today an indicative offer of operating credit financing from an international investment group KKCG. The obtaining of this credit is necessary for Pilsen Steel to hold further production. Pilsen Steel’s management will start negotiate immediately on this very correct and serious offer in accordance to an insolvency law.
Next court meeting
Regional Court set up a date of next court meeting on case of insolvency proceeding of the Company on 14th September, 2012. There is a Report from preliminary insolvency administrator from 24th August, 2012 in the Insolvency register.
There took a place a court meeting on case of insolvency proceeding on PILSEN STEEL s.r.o on 8th August 2012. The result of this court meeting is providing a 14-day term to find a way to satisfy creditor’s outstanding debts.
Decision of the Board of Executives
The Board of Executives commissioned Alexander Isaykin at its Meeting held on August 8, 2001 to perform the function of the company Chief Executive Officer.
Certificate of Deutche Bahn
PILSEN STEEL s.r.o. has obtained a certificate of Deutche Bahn (German Railways), which demonstrates the ability to supply ingots for the manufacture of axles for railway wheel set for German Railways. The certificate is valid until December 2016.
Approval of Application for financial support from OP LZZ
Upon the application for financial support from Operational Programme "Human Resources and Employment", and on the recommendations of Selection Committee, the company PILSEN STEEL s.r.o. gained financial support from public funds for the grant project "Specific training in Pilsen Steel s.r.o." in the amount of 3.6 million CZK.
The holding group "United Group" expects treefold increase in sales volume
The holding group "United Group" expects threefold increase in sales volume within two to three years. These Group intentions were announced in Pilsen (Czech Republic) in the official presentation of the new Sole owner of Czech engineering company PILSEN STEEL s.r.o., who is a Russian businessman Igor Shamis, an absolute owner of United Group holding company.
The company PILSEN STEEL s.r.o. changed its Sole Company Owner
Retroactive Effect Compensation
One of the most capital-intensive commodities of PILSEN STEEL Ltd is electric energy. Therefore, the company considering the ever increasing prices decided to realize capital-intensive project converging on result necessary savings.
INGOTS POURING J 195
In May and July of 2009 in our melting shop we poured four ingots J 195. The weight of ingot was approx. 200 tons. The uniqueness of these ingots was that they were bottom poured.
Official journey to Japan
From March 5 to 19, 2009 the CEO Executive Ing. Martin Novák and the manager of Foundry and Forge Shops Ing. Roman Heide went to Japan. The official journey target was to rebuild interupted business relations and to make new contacts as acquisition and sales strategy of our company.
Organization structure exchanges
By 16.2.2009, divizions Steel & Castings and Forgings have been replaced by four single productions: Steel, Castings, Forgings and Cutting.