The Slovak construction company Váhostav is facing bankruptcy. The company was hoping to restructure, but creditors are pushing to start bankruptcy proceedings, as debt negotiations hit a deadlock, writes Trend Reality. A court in Bratislava greenlighted the proceedings after reviewing a proposal filed by Energo Pro.
Váhostav is building the Dubná Skala-Turany section of the D1 motorway and is also involved with the construction of the Jánovce-Jablonov section as well as various other sections of the D1 and D3 motorways. The company claims it is able to continue work on these orders after securing a stabilization deal with Tatra banka, Slovenská sporitelna, ČSOB and Komerční banka. The banks agreed to continue financing Váhostav’s activity. The company posted a loss of €13.5m in 2013 up from €6.6m in 2012. Revenues hit €140.82m, a 20.4-percent increase y-o-y in 2013.
