Liberty Ostrava judged to be bankrupt, company claims otherwise

Monday, 19 February 2024 14:08:34 (GMT+3)   |   Istanbul

A restructuring administrator has found that Czech Republic-based steelmaker Liberty Ostrava, a subsidiary of UK-based Liberty Steel is bankrupt, and so the previously announced optimization plan for the company is at risk of being jeopardized, according to local media reports. On the other hand, a spokesperson from the company stated that the company remains solvent and continues to abide by the obligations of the general moratorium.

The administrator has proposed to a regional court the lifting of the general moratorium on the payment of the company’s debts, and the regional court will hear the proposal with the exclusion of the public on February 28. On the other hand, the company spokesperson stated that the company’s restructuring plan allows it to resume operations and pay off obligations to all creditors, including its energy supplier Tameh Czech. Meanwhile, Tameh Czech is reported to be refusing to consider amending the company’s electricity supply contract, which includes securing energy at normal market rates.

Similar articles

Liberty Ostrava develops alternative restructuring plan for restart of BF

19 Mar | Steel News

Liberty Ostrava focuses on maximizing output, continues talks with energy supplier

28 Feb | Steel News

Liberty Ostrava to restart BF No. 3 in January, to continue to engage with energy supplier

18 Dec | Steel News

Liberty Steel idles one BF each at Ostrava and Galati

24 Oct | Steel News

Liberty Ostrava decommissions one of three coke ovens

05 Sep | Steel News

Liberty Ostrava to invest to reduce sinter plant emissions

26 Sep | Steel News

Liberty invests in Ostrava’s greensteel transformation

11 Jul | Steel News

Liberty Ostrava achieves best production results in recent years

26 Apr | Steel News

Liberty Steel to install two hybrid furnaces at Ostrava

11 Nov | Steel News

Liberty Ostrava develops alternative restructuring plan for restart of BF

19 Mar | Steel News