PM Fico: All suggestions to sort out restructuring must be considered

The construction company Váhostav-SK has submitted a revamped restructuring plan to the committee of creditors on Wednesday after the original version was returned to them with certain comments the day before. Last week, Váhostav announced that it would pay some 15 percent of the money it owes to fellow construction companies and self-employed individuals while secured creditors, notably banks, should see their claims settled in full. It's the Government's duty to consider all suggestions that can resolve the current problematic situation concerning the restructuring of companies, said Prime Minister Robert Fico in this regard. "Since 2010, when the Act on Restructuring entered into force, more than 500 restructurings have been approved. Such an extreme example as we're dealing with now has never appeared before, however," stated Fico adding that the Government has clearly stated that it appears that Váhostav's management could have been involved in criminal activity. Furthermore Fico voiced the government's intention to ban all companies undergoing restructuring from taking part in public tenders, introducing the duty to pay VAT as late as when the company sees its invoice paid by its customer, and setting up a 'compensation fund' featuring money deduced from large construction companies.