Vítkovice Power Engineering proposed reorganization
The Board of Directors of Vítkovice Power Engineering has decided, in respect to the recent circumstances, to file a petition for insolvency of the company associated with a reorganization proposal. It has been delivered to the Court a hearing revocation request which was planned for tomorrow by Regional Court in Ostrava and also a permission request for reorganization. The decision on proposals is now up to the Court.
The situation of Vítkovice Power Engineering has been caused by Wetag insolvency proposal. This created an effect that significantly complicated the company's position Vitkovice Power Engineering at suppliers, customers and in the banking sector.
During the insolvency procedure there has been expressed a distrust of business partners and Vítkovice Power Engineering had to reflect the situation in its expected development. Based on above mentioned, the company opted for insolvency.
Vítkovice Machinery Group is composed of more than thirty companies with various business programs. For example, it is number one in production of high pressure steel cylinders, keeps an important market position in supply of high-end machinery and equipment for manufacturing industry, is a leader in implementation of CNG program to automobile and railway transportation in the country of origin, is a supplier of unique high capacity mobile gas pipelines and has various other high-end high-tech products, including IT technology.
Vítkovice Power Engineering is therefore one of the Vítkovice company, namely a subsidiary of the joint-stock company Vítkovice.