William Malcolm

Max Aicher Buys Pilsen Steel

Max Aicher has finalized the purchase of the bankrupt Pilsen Steel through its Czech Subsidiary, Max Aicher Pilsen.

The sales price was not disclosed. The insolvency administrator, Jaroslav Broz, did not say if the purchase price would cover the creditor’s claims.

The German company plans to use some of the Pilsen Steelworks equipment in its other plants. Aicher hasn’t ruled out resuming production in Pilsen and will decide the plants future by March 2021, Max Aicher Pilsen CEO Max Kuer told CTK.

Pilsen Steel entered bankruptcy in June 2019,
eighty-seven creditors filed claims worth CZK 9.4 billion. At that time, the insolvency administrator rejected CZK 7.8 billion in claims, including receivables from its three largest creditors Vněšekonombanka, VEB Kapital, and the International Investment Bank.

The Regional Court approved the sale of Pilsen Steel in February 2020 to Max Aicher Pilsen based on a tender conducted by the insolvency administrator.

In 2004 OMZ (Uralmash-Izhora Group) bought Pilsen Steel from Skoda Holding. Since 2010 Russian entrepreneur Igor Šamis has owned 100% of the steelworks.

Founded in 1924 in Germany, the Max Aicher Group has an annual turnover of over one billion euros. The group’s holdings include businesses in the steel, recycling, real estate, and construction industries.