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Novaky Municipality Welcomes Decision to Sell NChZ But Only As A Whole
Monday 17 May 2010 Zoom in | Print page
Novaky, May 17 (TASR) - According to Novaky (Trencin region) local administration chairman Jan Martina, the municipality welcomes the decision of Novaky Chemical Works (NChZ) committee of creditors to launch the sale of this joint-stock company, which went bankrupt in October, he told TASR on Monday.
According to Martina it is important that the NChZ situation will finally be stabilised, because the chemical works are the town's important strategic partner and a significant payer of real estate tax. He added that at the same time it's necessary to sell the company as a whole, because that is the only guarantee of preserving the employment of approximately 1,800 people, out of which a significant part live in Novaky.
NChZ filed for bankruptcy and protection from its creditors at Trencin District Court in October because of the "insensitive stance of the European Commission" and the ruinous fine that it imposed on the company.
The firm was one of nine European companies to receive a fine from the Commission in July for entering into a cartel agreement concerning sales of calcium carbide. The overall fine amounted to €61 million, with NChZ and its former shareholder 1. garantovana (1st Guarantee) ordered to pay €19.6 million as its share.
NChZ was given the status of so-called strategic enterprise by the state in November, and if the state interests are endangered it is willing to buy the company itself.
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