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June 11, 2018 12:00 am | FILED UNDER: business

Czech Export Bank Seeks Funds From Sale Of Bankrupt Slovakia Steel Mills

By ČTK Slovakia Steel Mills

Prague/Bratislava, June 11 (CTK correspondent) – The Czech Export Bank (CEB) should receive some proceeds from a sale of Slovakia Steel Mills (SSM), a bankrupt company that was acquired by Germany’s Max Aicher, CEB spokesman Jan Cerny told CTK, thus confirming the information of Biztweet server.

 

The German group bought the steel maker via OAM Ozdi Acelmuvek of Hungary, which is part of Max Aicher, Biztweet said.

 

The price of the transaction was not disclosed.

 

CEB provided an EUR168.6m (Kc4.4bn) loan for SSM’s construction in 2007.

 

Within the bankruptcy proceedings, the bank expects to get a payment consistent with its share in the proceeds from the sale of the assets including the cost of the assets management, said Cerny.

 

The amount of money the bank should get will be known after the end of the bankruptcy proceedings, which must be preceded by an incidental dispute settlement, he said.

 

SSM, based in Strazske in eastern Slovakia, launched production in 2011, going bust 3.5 years later.

 

The Czech bank had attempted to sell its claim against SSM, but failed.

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