Bankrupt NCHZ Chemical Plant Sold to Czech Company Via Chem

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BRATISLAVA, January 2, (WEBNOVINY) — The new owner of the bankrupt chemical company NCHZ in Novaky is the Czech company Via Chem, decided the District Court in Trencin. Via Chem purchased the chemical plant in Novaky for 2.2 million euros while the other interested party, the company M-Energo, offered an amount lower by 200,000 euro. Both potential buyers submitted their bids without an obligation to keep operation of the company for a period of five years. The European Commission objected to the public competition to sell the Novaky chemical plant as it ordered the NCHZ to pay a fine of 19.6 million euros for its involvement in the cartel agreement with other European chemical firms.

However, conditions of the international tender were prepared by the bankruptcy court via Judge Michal Fiala. According to Novaky Mayor Dusan Simka, the judge did not respect the opinion of creditors who wanted to sell the chemical plant only under the condition that the new owner would operate it for five years after the purchase while it would not transfer the company to a third party within this period. But the court in Trencin decided differently as it enabled potential buyers to submit bids even without this obligation. According to Simka, the judge changed the conditions of the tender to a proposal of a minority creditor with a claim towards the NCHZ amounting to mere 650 euros.

Simka further told SITA news agency that the court, however, decided rightfully as nobody protested against its decision. The creditors Postova Banka, the company NLB Faktoring and the town of Novaky voted for the sale of the chemical plant to Via Chem. Three state-owned creditors, namely the government’s privatization agency the National Property Fund, the guarantee and development bank Slovenska Zarucna a Rozvojova Banka and the Environmental Fund abstained from the vote.

Mayor Simka explained that he supported the new owner because if NCHZ did not have an investor, the chemical company would cease to exist within six months as it does not have operating capital. The new owner will probably carry out rationalization measures but a majority of employees will not lose their jobs. “Potential collapse of the plant would be the worst solution,” he stated. “The Novaky will rather do without the financial means, which NCHZ owes the town as I think that the most important thing is that people would not lose their jobs,” Simka concluded.

Official receiver Miroslav Duracinsky will proceed in accordance with the decision of the court as he is bound with it. “Bids were submitted exactly according to the tender terms that were approved by the bankruptcy court,” Duracinsky stated. NCHZ got into trouble after the European Commission decided that the plant, as well as its former parent company, 1. Garantovana, must pay a fine of 19.6 million euros due to a cartel agreement with other European chemical companies. Between years 2004 and 2007, they set prices and divided the market with calcium carbide and granular magnesium in a large part of the European Economic Area, according to the European Commission. After being fined, NCHZ filed for bankruptcy and the court agreed.

The company is a supplier of chemical materials for a wide range of industries. Production of chemical products is provided by manufacturing facilities of three production units. The company manufactures and sells products on the basis of chlorine, calcium carbide and industrial gases, and polyvinyl chloride (PVC). The company exports its products to more than fifty countries worldwide.

SITA

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