The bankruptcy court and Vnesekonombank have approved Pilsen Steel’s sale to Max Aicher.
The company assumes control of Pilsen through its holding company Max Aicher Pilsen. Which it formed in the Czech Republic at the beginning of February.
The sale price remains private. ‘The court grants the insolvency trustee permission to monetize the business. Its sale will be by direct sale to the highest bidder based on a tender conducted by the insolvency administrator,” said the Court in Plzen.
Pilsen Estate is also part of the sale. “We will not comment on the specific price at the moment,” said Pilsen Steel insolvency administrator Jaroslav Brož, who also refused to confirm or refute that the German Max Aicher is the buyer. The company was owned by its largest creditor Moscow’s Vnesekonombank, which co-financed the business in the form of loans.
Pilsen Steel isn’t expected to resume operations, having laid off 90% of employees in January.