Friday , February 26 2021

LTH Castings Real Estate Litostroj Steel Received



The property of Litostroj in Litostrojska cesta in Ljubljana will be purchased by LTH Castings. Approximately 73,000 square meters of real estate will be deducted 11,5 million euros, of which 4.5 million will be allocated for the Furs or the contribution of Litostroj steel for the current and former employees will be paid and 7 million will be taken by the DUTB.

<span innerhtml = "

& # 34;New buyer LTH Castings will buy all real estate Litostroj steel. When the purchase price is over € 11.5 million, more creditor claims will be paid and also the employees' contributions will not be paid. In addition, about 200 jobs and the industry culture of the company are maintained& # 34; Savings Management Bank (DUTB).

The Financial Administration of the Republic of Slovenia (Furs) or € 11.5 million (€ 4.5 million) will be allocated. Fill in the contributions for current and former Litostroj Steel employees, almost all of these payments will be paid and seven million euros will be given to the DUTB. They are pleased with the bad bank, because there is more than just "more" as if you were in a position to make a negative impact on your account. It also creates many additional costs.

The DUTB claimed the company in October 2014 from Abanka. As they said, during this period all the measures to restructure the family and to activate it in the future were realized.

"class =" ng-star added ">

"The new buyer LTH Castings will buy all of Litostroj Steel's properties. With the purchase price of € 11.5 million, most of the receivables of creditors will be reimbursed, as well as unpaid contributions to employees. In addition, about 200 jobs and the industry culture of the company are maintained"They wrote for the Receivables Management (DUTB) in the Bank.

The Financial Administration of the Republic of Slovenia (Furs) or € 11.5 million (€ 4.5 million) will be allocated. Litostroj Steel's almost-payable employees will be reimbursed for their current and old employees, and seven million euros will be given to the DUTB. They are pleased with the bad bank, because this is significantly greater in the case of bankruptcy, because the amounts earned are significantly lower and at the same time cost a lot.

DUTB received its corporate receivables in October 2014 from Abanka. As they said, during this period, all existing measures to restructure the company were implemented and started to operate in the future.

By selling, existing and old employees will pay the contributions of Litostroj Jekla.PHOTO: Channel A

<span innerhtml = "

& # 34;The main purpose of the company's restructuring was to stabilize the business and then sell it to the appropriate investor. The sale of the company was not possible due to the different interests of the relevant stakeholders. As a result, the only option to protect production was the value of use, the transfer of assets that were significantly higher than liquidation.& # 34; They wrote in DUTB.

The first potential investor is & # 160;

When the demands were handed over to the DUTB, the forcible placement of Litostroj's steel was almost over. Immediately after the last deal, it turned out that the company was bankrupt and not material. Due to lack of customer and negative cash flow, DUTB estimates that your company has only one option to prevent its sale.

In February 2015, DUTB was in the process of selling its receivables and its share. In April 2015, creditors received an offer from the potential investor, but were not accepted due to the dispute of a financial creditor. In August 2015, after additional negotiations, in August 2015, the investor sent financial guarantees to financial lenders for the purchase of receivables and business portfolios. I had to do a certificate review and resigned in November 2015.

During the interim period, DUTB has developed an alternative scenario with the company, since the company has received additional orders that the company could continue to operate in the event of the removal of past cargoes: "all" # 382 liquidation funds with a state-owned company, repayment of all debts of the company and working capital for all purposes finances the existing work with. The goal was to stabilize the work and later sales. & # 34;In addition, the majority of risks will be undertaken by the DUTB, the risk for the state will only be available in your home. For this scenario, no consensus was obtained, so the DUTB provided all the facilities to restructure the company.& # 34; DUTB explained.

Then, in 2017, an investor from Germany showed interest, but was later shown due to high creditworthiness documents (Furs' request to pay all debts together with the default interest) and the uncertainty of deviation from purchase.

Repeated forced placement & # 160;

The DUTB also explains that since the start of the first compulsory settlement in 2014, the company has been unable to pay premiums to its employees and therefore the obligations arising from the contributions have increased. At the end of 2017, the company concluded that the possibility of securing contributions and the maximum reimbursement of creditors was a compulsory consensus. The purpose was to rent and rent the assets of the company. The company has successfully delivered real estate and machinery; The tenant continues production at the place in question. In this context, a specified number of employees have maintained their positions and explained in the BRSA.

Litostroj steel was sold in October in accordance with the restructuring program in October. Once reported, Delo was the sole provider of LTH Castings, a facility in this Ljubljana industrial zone.

As in the middle of November, a librarian kept part of the region's activities in the region, while in the second part, Litostrove maintained its production leased by the rest of the population. Tekoma and Litostroj is a private company, Margu & # 269; Purchased by 13 managers in 2009, LTH Casting produces castings for the automotive industry, but Litostroi, who produces turbines and other steel castings, is not interested in it.

"class =" ng-star added ">

"The main purpose of the company's analysis was to stabilize the business and then sell it to the appropriate investor. The sale of the company was not possible due to the different interests of the relevant stakeholders. As a result, the only option for the preservation of production was the transfer of assets that were significantly higher than the liquidation of values.They wrote "DUTB."

First potential investor withdrew from purchase

When the claims were transferred to the DUTB, the forcible placement of Litostroj's steel was almost complete. Immediately after completing the compulsory solution, it turned out that the company was bankrupt and could not continue its operations. Due to the lack of orders and negative cash flow, DUTB said that the only option is to avoid bankruptcy of the company.

In February 2015, DUTB started to sell its receivables and ownership rights. In April 2015, creditors received a bid from a potential investor, but were not accepted because of a financial creditor's dispute. Following additional negotiations, in August 2015, the investor sent an advanced individual binding offer to the financial creditors for the purchase of receivables and business shares. He started checking the company's due diligence and resigned in November 2015.

Since the company received additional orders that could continue to operate on the basis of resolving historical burdens during the interim period, the DUTB has developed an alternative scenario with the company: The Company has provided state liquidity to store fresh liquid assets in such a way that it will repay all its debts and fresh working capital. Real-time business finance. The goal was the stability of the business and subsequent sales. "At the same time, most of the risks will be undertaken by the DUTB, only the risk for the state in the case of bankruptcy will be available. Unfortunately, there was no consensus for the above scenario, so DUTB has exhausted all possibilities to restructure the company."They explained in DUTB.

Later, in 2017, an investor from Germany showed interest, but later due to the high expectations of the creditors (Furs' request for reimbursement along with the interest on the delay of all debts) and the uncertainty from the purchase.

Repeated forced placement

The DUTB also explains that since the beginning of the first compulsory settlement in 2014, the company has failed to pay the contributions of its employees and thus the obligations arising from the contributions have increased. At the end of 2017, the company concluded that the only option is to make a payment of the contributions and the maximum repayment of creditors. The purpose was to rent their assets and sell the company's assets. The company successfully gave the real estate and machinery; The tenant continues production at the place in question. In this way, a certain number of employees maintained its position, DUTB'e explained.

Litostroj steel began selling property in accordance with a financial restructuring program in the context of a mandatory settlement renewed last October. According to Delo, the only bidder was LTH Castings, which already had a facility in the industrial zone of Ljubljana.

As reported in mid-November, part of the LTH aims to expand its activities, while in the second section Litostro leased to Tekoma and Litostroj, which is a private foundry Marguč. Purchased by 13 managers in 2009, LTH Casting produces castings for the automotive industry, but the activity of Litostroi, which produces turbines and other steel casting products, is probably not interested.


Source link