Faced with bankruptcy proceedings against it, the developer VAV invest has filed documents that would allow it to restructure its debts, according to bbonline.sk. VAV invest completed the Europa shopping center and business park in Banska Bystrica as well as the first phase of Europa Shopping Center in Zvolen. However, it has not yet completed construction on a parking garage in Banska Bystrica begun in 2013, nor has it been able to complete the Zvolen project as planned.
Director Peter Valach claims that the filing of bankruptcy proceedings against his company stems from discord between two shareholders in the Zvolen shopping center, and he defended his move to be allowed to restructure. “In view of the current state of affairs that has arisen, the company has been forced to take steps that would protect its economic independence and legal subjectivity with the goal of achieving the recovery of economic health.”
